fall 2010 bule 402 final group 4 work

fall 2010 bule 402 final group 4 work - G roup Work Chapter...

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Group Work Chapter 24 2. The payment process comprises as many as three steps: - Presentment : a holder of an instrument makes a demand for payment; to present the holder must (1) exhibit the instrument, (2) show ID, (3) surrender the instrument(if paid in full) or give a receipt (if only partially paid) - Dishonor : an obligor refuses to pay an instrument that is due - Notice of Dishonor : the holder of the instrument notifies those who are secondarily liable that the instrument has been dishonored. This notice can be given any reasonable way: oral, written or electronically. It must be given within 30 days of the dishonor. The notice must simply identify the instrument and indicate that it has been dishonored. EX: A bounced check labeled “Insufficient Funds” or ISF. 4. No. If you are careless in allowing the instrument to be forged or altered you may be found liable. 6. Don’t give your checking account number to people you don’t know. Reveal checking accounting information only to business you know to be reputable. Report lost or stolen
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fall 2010 bule 402 final group 4 work - G roup Work Chapter...

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