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Home Q & A Board Humanities Legal Studies
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kylieaglee kylieaglee
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6 years ago
TP sells franchises in the Old Fast Food chain. TP sells a franchise to Choi for 100,000 by cashier's check. Choi then hears that TP is going out of business and tries to stop payment on the check. TP has already transferred the money to a third party who meets the UCC's requirements for a holder in due course. The bank paid that third party. TP declares it is out of business. In a subsequent lawsuit:
 a. the court will find that the third party liable as surety
  b. because of the fraud involved, the court will require the third party repay Choi
  c. because the instrument involved was a cashier's check and not an ordinary check, the court will not require the third party to repay Choi
  d. because the amount in controversy was more than 50,000, the courts will be empowered to view the fraud as a felony and will ignore the requirements of the UCC
  e. none of the other choices
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sophiakhalid12sophiakhalid12
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