M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. From whom can D seek immediate recourse? a. M-C-B-A b. any of M,P,A,B,C without any particular order c. M and P first, then C, then B, then A d. C-B-A-P-M

M issues a negotiable BOE payable to P or order for P10,000. P endorsed the instrument to A, then A to B, then B to C, then C to D. D presents the instrument to the drawee, but the drawee dishonored the instrument. From whom can D seek immediate recourse? a. M-C-B-A b. any of M,P,A,B,C without any particular order c. M and P first, then C, then B, then A d. C-B-A-P-M

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter17: Tax Practice And Ethics

Section: Chapter Questions

Problem 11DQ

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