Negotiable Instrument - How is Payee Identified

The video tutorial explains how to identify the person presenting a negotiable instrument for payment. It covers the identification methods for bearer and order paper, emphasizing the priority of names over account numbers. The tutorial also discusses handling multiple payees, distinguishing between alternative and collective payees, and resolving ambiguities in payee identification.

What is the primary method of identifying a person on a negotiable instrument?

• By their phone number

• By their name

• By their account number

• By their address

If a negotiable instrument includes both a name and an account number, which takes precedence?

• The account number

• The phone number

• The address

• The name

What happens if only an account number is used for identification and it is incorrect?

• The payment goes to the account holder

• The payment is held until corrected

• The payment goes to the named person

• The payment is voided

In a negotiable instrument, what does 'Bill or Amy' imply?

• Neither can sign for payment

• Either can sign for payment

• Both must sign for payment

• Only Bill can sign for payment

If a negotiable instrument ambiguously lists 'Bill, Amy', how is it interpreted?

• As 'Bill and Amy'

• As 'Bill or Amy'

• As 'Bill only'

• As 'Amy only'