Acme bank is the payee on a negotiable note made by Taylor Reed
Question # 00282276
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Updated on: 05/11/2016 10:21 PM Due on: 06/10/2016
Acme bank is the payee on a negotiable note made by Taylor Reed. Acme Bank sells the note to XYZ investment company. The note is endorsed by Acme without recourse to XYZ. After the sale, XYZ discovers that the signature of Taylor Reed is a forgery. Taylor refuses to pay the note. Can XYZ recover its loss from Acme bank?
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Rating:
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Solution: Acme bank is the payee on a negotiable note made by Taylor Reed