When can a transferee bring suit against a transferor for a breach of warranty regarding a negotiable instrument?
A) As soon as a transferee discovers a breach of warranty has occurred,he or she can bring suit against the transferor.
B) A transferee must wait at least 3 business days after he or she discovers that a breach of warranty has occurred before bringing suit against the transferor.
C) A transferee must wait at least 5 calendar days after he or she discovers that a breach of warranty has occurred before bringing suit against the transferor.
D) A transferee must wait at least 10 business days after he or she discovers that a breach of warranty has occurred before bringing suit against the transferor.
E) A transferee must wait at least 30 calendar days after he or she discovers that a breach of warranty has occurred before bringing suit against the transferor.
Correct Answer:
Verified
Q56: Which of the following is true regarding
Q57: When a holder presents an instrument in
Q58: What was the result in the Rakestraw
Q59: If an instrument is not an unaccepted
Q60: Which of the following results in liability
Q62: Hot Dress.Doreen writes a check for a
Q63: Run Around.Millie issues a note to Bob.Bob
Q64: A right to _ is the ability
Q65: Hot Dress.Doreen writes a check for a
Q66: Personal defenses to the payment of an
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents