holder status Flashcards
1
Q
a person can become a holder by
A
issuance and negotiation
2
Q
issuance
A
first delivery
3
Q
negotiation
A
transfer of possession, whether voluntary or involuntary to a person other than the issuer
4
Q
negotiation
A
transfer of possession, whether voluntary or involuntary to a person other than the issuer. becomes holder
5
Q
negotiate order instrument requires
A
possession plus indorsement
6
Q
negotiate order instrument requires
A
possession plus indorsement
6
Q
special indorsement
A
pay to harry, sign paul
7
Q
blank indorsement
A
not made to a specific person
8
Q
qualified indorsement
A
used to limit one’s endorsement liability on an instrument
9
Q
restrictive indorsement
A
used to limit what the holder can do with the instrument
10
Q
payable jointly
A
all payees need to indorse
11
Q
pay severably
A
either can sign
