payment and discharge Flashcards
1
Q
drawee pays or accepts draft by mistake
A
drawee may seek restitution
2
Q
mistake?
A
that sig was authorized
that stop pmt order wasnt issued
3
Q
can you get restitution from HIDC?
A
no
4
Q
discharge?
A
elimination of personal liability on instrument
5
Q
is the instrument itself discharged?
A
no
6
Q
when is underlying obligation discharged?
A
bank takes certified check
7
Q
when is underlying obligation only suspended?
A
normal checks or notes
once paid, then discharged
