presentment Flashcards
1
Q
presentment
A
demand for payment to payor bank or maker by someone entitled to enforce
2
Q
when is presentment excused?
A
cant be made by reasonable diligence
maker died or in BK
stop pmt order
drawer/indorser waives
terms are unreasonable
3
Q
what are the presentment warranties?
A
no unauthorized or missing indorsement
no alteration
no knowledge the drawer is unauthorized
4
Q
example of PW
A
payor bank is liable to P for not properly payable
thief who gave payor bank check liable for breach of PW
5
Q
who do the PWs protect
A
payor bank
