River writes a check for $200 payable to "Cash". He puts the check into his pocket...

River writes a check for $200 payable to "Cash". He puts the check into his pocket and drives to his bank (Wells Fargo) to cash the check. As he gets out of the car in the bank's parking lot, the check slips out and falls to the pavement. Jessie walks by moments later, picks up the check, and later that day delivers it to Ainsley, to whom he owes $200. Ainsley indorses the check "For deposit only" [Signed Ainsley Smith], with her checking account number and deposits it into her checking account.

Answer the following questions:

Is the check an order or bearer instrument?
How does the negotiation of an order instrument differ from the negotiation of a bearer instrument? Explain.
What type of indorsement did Ainsley make?
From this scenario, identify these parties: Who is the drawer, who is the drawee and who is the payee?

Expert Solution

D) drawer - River

drawee - Wells Fargo

Payee - Anisley smith

ekkarill92 answered 1 year ago

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