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Slav-nsk [51]
2 years ago
12

Tom was CEO of a company. He stole money from the company by writing a series of checks made out to “Cash” which he deposited in

his own personal account at Bank. (Please do not try this at home.) Of course, he then spent the money. The company sued the Bank to get the money back.
Was the Bank a holder in due course?
Business
1 answer:
xxTIMURxx [149]2 years ago
6 0

In the given case, bank is  not consider as holder in due course because here it will act as intermediary who collected amount from company's account.

<h3>What is holder in due course?</h3>

A holder in due course refers to an individual who have the authority to hold the negotiable instrument in good faith.

This holder in due course will be referred to as the person who have received or given something in exchange for the instrument.

When any individual receives a gift from someone, then it will not be considered as holder in due course because he had not given any value in exchange.

So yes, in this situation when the CEO stole money from the company  by writing a series of checks and withdrawing it in a personal account at the bank. Bank will be not be considered as holder in due course due to intermediary role.

Learn more about holder in due course, here:

brainly.com/question/27778407

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The distinction between a normal and an inferior good is A. when income​ increases, demand for a normal good increases while dem
alexdok [17]

Answer:

The correct answer is option A.

Explanation:

Normal goods have positive income elasticity, so when there is an increase in the income of the consumer, the quantity demanded of the normal goods will increase.

On the other hand, the inferior goods have a negative income elasticity. So when the income of the consumer increases the demand for inferior goods decline. This is because as income increases, the consumers will prefer normal goods.

8 0
3 years ago
How much would you need to deposit in an account now, such that in 5 years your account will have increased to $8,000, assuming
VladimirAG [237]

Answer:

$6268.21

Explanation:

Future value = $8000

Interest(r) = 5%

Period (n)= 5 years

How much need to deposit?

Find the Present value:

PV = FV / (1+r)n

= 8000 / (1.05)5

= 8000 / 1.27628156

Present Value / Amount need to deposi today = $6268.21 approx

4 0
2 years ago
Explain other three marketing activies that must be carried by ds​
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8 0
3 years ago
Virginia owns 100% of Goshawk Company. In the current year, Goshawk Company sells a capital asset (held for three years) at a lo
kumpel [21]

Answer:

a)  If Goshawk is a proprietorship, only $21000 long-term capital loss can be deducted in the current year. The remaining $19000 net capital loss is carried forward and then carried back

b)  If Goshawk is a C corporation, only $ 18000 long-term capital loss can be deducted in the current year. The remaining $22000 net capital loss is carried back and then forward of Item 2.

Explanation:

The gain or loss on the sale of a property is said to be the difference between between the realized value of goods and its adjusted basis. When there is a gain the realized value would be greater than the adjusted basis, while when there's loss the realized value would be less than the adjusted basis.

A) In this case, if Goshawk is a proprietorship, only $21,000 of the $40,000 long-term capital loss can be deducted in the current year. The loss will offset the short-term capital gain of $18,000 first; then, an additional $3,000 of the loss may be utilized as a deduction against ordinary income. The remaining $19,000 net capital loss is carried forward to next year and years thereafter until completely deducted. The capital loss carryover retains its character as long term.

B) If Goshawk is a C corporation, $18,000 short term capital gain can be set off for long term capital loss. Then the remaining $22,000($40,000 - $18,000) will be carried backwards

3 0
3 years ago
Connor, the manager of a shipping company, introduces a set of communications, activities, and facilities designed to change hea
eduard

Answer:

Employee wellness program

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Based on the offerings, Connor has introduced an employee wellness program by making available a set of communications, activities, and facilities designed to change health-related behaviors in ways that reduce health risks and subsequent medical costs.

An employee wellness program which are undertaken by employers focuses on improving specific health risks, such as high blood pressure, high cholesterol levels, smoking, and obesity.

6 0
3 years ago
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