Accounting Forged Drawers’ Signature UCC Study

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Question Description

For this assignment, you will consider the nature of consumer (as opposed to commercial) fund transfers.

By successfully completing this assignment, you will demonstrate your proficiency in the following course competencies and assignment criteria:

  • Competency 1: Explain how the Uniform Commercial Code governs commercial transactions.
    • Define the types of checks and drafts regulated by the UCC.
    • Explain the liability of a bank to its customers, under the provisions of the UCC, with regard to consumer fund transfers.
    • Explain the responsibilities of bank customers, under the provisions of the UCC, with regard to consumer fund transfers.
    • Determine the liability of a bank for reimbursement of unauthorized fund transfers, under the provisions of the UCC.
  • Competency 6: Communicate professionally, according to the expectations of the field of accounting.
    • Express main points, arguments, concepts, and information coherently and logically.

Assignment Instructions

Analyze Business Case 28-4, "Forged Drawers’ Signature," located on page 534 of your textbook. Prepare a professional-caliber brief on the case.

Based on the case information provided:

  • State the facts of the case and the key issues.
  • Cite the code or statute provisions applicable to the case.
  • Determine whether the bank is liable to its customer in this case, and explain your reasoning. If the bank is liable, what is the amount of liability?
  • Express your main points, arguments, concepts, and information coherently and logically.

To support your brief:

  • Define the types of checks and drafts regulated by the UCC.
  • Explain the liability of a bank to its customers, under the provisions of the UCC, with regard to consumer fund transfers.
  • Explain the responsibilities of bank customers, under the provisions of the UCC, with regard to consumer fund transfers.

Additional Requirements

  • Cover page: Include your name, the assignment number, and the assignment or case title.
  • Length: 1–2 double-spaced pages, not including the cover page.
  • Font and font size: Times New Roman, 12-point.
  • APA formatting: Format resources and citations according to current APA guidelines.

Attachment preview

 28–4. Forged Drawers’ Signatures. Debbie Brooks and Martha
Tingstrom lived together. Tingstrom handled their finances. For five years,
Brooks did not look at any statements concerning her accounts. When she finally
reviewed the state- ments, she discovered that Tingstrom had taken $85,500
through Brooks’s checking account with Transamerica Finan- cial Advisors.
Tingstrom had forged Brooks’s name on six checks paid between one and two years
earlier. Another year passed before Brooks filed a suit against Transamerica.
Who is most likely to suffer the loss for the checks paid with Brooks’s forged
signature? Why?  

Unformatted Attachment Preview

28–4. Forged Drawers’ Signatures. Debbie Brooks and Martha Tingstrom lived together. Tingstrom handled their finances. For five years, Brooks did not look at any statements concerning her accounts. When she finally reviewed the state- ments, she discovered that Tingstrom had taken $85,500 through Brooks’s checking account with Transamerica Finan- cial Advisors. Tingstrom had forged Brooks’s name on six checks paid between one and two years earlier. Another year passed before Brooks filed a suit against Transamerica. Who is most likely to suffer the loss for the checks paid with Brooks’s forged signature? Why? ...
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Tutor Answer

TutorLarra
School: UCLA

Attached.

Running Head: UNIFORM COMMERCIAL CODE

UNIFORM COMMERCIAL CODE
Institution Affiliation
Date

1

UNIFORM COMMERCIAL CODE

2

The Uniform Commercial Code (UCC) is a set of Standardized business laws
regulating financial contracts. Most states have fully adopted the laws in the United States of
America. The code contains nine articles of which each section is dealing with separate
aspects of banking and loans. The advantage of UCC is that it enabled the lenders to get loans
secured by borrowers using personal properties. The policies governing the lenders focus on
the activities done by small entrepreneurs and businesses. The policies govern the companies
of which a firm seeking to its business outside their home has to comply with the Uniform
Commercial codes. The Code covers activities like leasing of business equipment’s, bills of
lading, warehouse receipts, bulk sales, borrowing money, selling goods and establishing of
contracts.
Define the types of checks and drafts regulated by the UCC
The Uniform Commercial Code specifies four types of negotiable instruments which
include checks, drafts, notes and certificates of deposits. A bill of exchange is an
unconditional order that involves the drawer, drawer, and payee of which it orders the buyer
to pay (Gilder, 2014). Such a law requiring the buyer to fulfill the obligation is referred to as
a banker’s acceptance. Checks are the demand instruments since they are usually payable
upon demand. The certifica...

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Anonymous
Good stuff. Would use again.

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