Flashcards in REG 28 Deck (22):
What type of endorsement is this:
Al Pine, without recourse, for collection only
Blank, qualified, restrictive
"Without recourse" is what type of endorsement
Qualified (versus blank and restrictive)
Does qualified endorsement effect negotiability. And what is an example of a qualified.
No qualified doesn't effect negotiablity. "without recorse"
Requirements to be a holder of a negotiable bearer check
Have possession, ironically not good faith (just for holder, not Hdc)
If it says pay to the order of Jay or bearer,does jay have to sign it for the person to qualify as a holder?
NO, but I think that he has to transfer possession, you can't just find it.
If someone writes a blank endorsement on the bank and you want to change it to order paper can you write "pay to the order of" above their signature.
Holder in due course stuff: Guy sells supplies to customer, customer gives promissory note for 10K to be repaid in 90 days, Guy signs it on back and gives it to the bank, Customer defaults, who will the court tell to pay the bank
Question just says the customer will be told to pay. Doesn't say what happens to Guy?
You take a negotiable instrument from an HDC, knowing that there's a real defense to payment. Are you still entitled to the rights of a HDC.
Yes, of course, but BFD, the real defense is still effective against you. Does protect you from personal defenses.
@calvin, I didn’t really “save” them $3.5m, I simply recovered $3.5m. These were overpayments they had at various states and no one had ever gone back to get them. Sometimes it was simply writing a letter asking for the money, filling out a form, or working with the state to get the overpayment applied to an upcoming estimate. Other times it was providing additional documentation for credits that generated the overpayment. Some of these overpayments came from 2009 returns. I don’t think the bullet point is misleading but there is definitely something to talk about if I ever get asked about it. I left because it was an insurance company and premium taxes are extremely specialized. The person reviewing the returns I prepared was only a high school graduate, she didn’t to college but she had been in the insurance industry for 25 years. It wasn’t challenging enough for me and if I did stick it out there, the only other places I could work would be other insurance companies.
I used Footlight MT Light for my name. I actually used a textbox to put it there so that I could then put some information over on the right. The rest of the text on my resume is Segoe UI font. The headings are in 9.5 size and capitalized, and everything else is size 9, various boldness and italics as you see.
I used the “tabs” function in Microsoft Word to get information neatly aligned to the right side of the page. I don’t use the column thing that Lilla said she uses because I’ve never taken the time to sit down and really understand how to use it. Whichever option you do use, make it look great. It'll also help get some information on the sid elike I did so you have more space for bullet points but you still have some good "white space" so the reader doesn't get overwhelmed.
I honestly wouldn’t put IT skills unless you have something above and beyond what a financial analysis or accountant might know. We should all have intermediate to advanced excel skills. But maybe you know Macros, I think that is worth a call-out. I think Quickbooks would be a good call out, and SQL or database experience as well. Only put that information down if you’re actually good at it… kind of like putting down you speak a foreign language when you really don’t.
Tip: because not everyone has the most up-to-date Microsoft Word or may use WordPad or even a Mac computer, you should try to email or upload your resume in the .pdf format so your fonts, spacing, etc. don’t get warped and look totally weird when the reader opens the file. This will help if they view your resume on a mobile device as well.
POSTED 9 HOURS AGO # REPORT
If you found an instrument payable to bearer do you have rights as a HDC?
No here's where the transfer of possession comes in.
1. take in good faith
2. for value
3. taking it without notice of certain facts that preclude HDC status, and it just said that knowing there is a real defense that would apply wouldn't preclude HDC status so what they are IDK, the example they give in the next question is that if you take it from an HDc and you know it's overdue , then no HDC
You can't find it and be an HDC
HDC - "give value for instrument" what constitutes value (or doesn't)
future consideration does not constitute value
Breach of Warranty is what type of defense?
Personal defense, no good against an HDC
Personal Defenses (list_
(probably more I can't list from memory)
Breach of Warranty
Fraud in the Inducement
Practice of Real Defenses (FAIDS x 2)
Fraud in the inducement (relates to instrument only)
Fraud in the execution (relates to instrument only)
Discharge in bankruptcy
Stature of Limitations
What is the Shelter Doctrine?
Might not qualify as HDC, can claim rights of HDC
so why have the qualifications
A CERTIFICATE OF DEPOSIT IS WHAT TYPE OF COMMERCIAL PAPER.
Bank promissory note.
Drafts are ______ party commercial paper.
Drawer is ?
Drawee is ?
Payer is ?
drafts are three party commercial paper
Drawer - One who orders commercial paper to be issued
Drawee Receives - one who gets money from CPaper
Payer - one who pays
Payee - one who receives payment
What is a trade acceptance? Draft? Promissory Note?
It's a draft drawn by the seller on the buyer and accepted by the buyer.
Negotiable Instrument Requirements
3. UP or O2P
7. NO UNATHORIZED INSTRUCTIONS
Negotiable Instruments Must Be
1. In writing
3. Unconditional Promise to Pay or Order 2 Pay
4. Fixed amount of money
5. Payable on demand
6 Payable to Order or Bearer (with the exception of checks, whatever that means
7. See above
Who is the bank when you right a check - drawer or drawee?
Liabel Only to the drawer
Notice that the bank doesn't receive anything (other than an order to pay) but it's still the drawee.
Which is a real defense - fraud in the execution or fraud in the inducement.
Only fraud in the execution is a real defense.