Question

A qualified indorsement:

	a.	puts subsequent holders on notice of a defense to the instrument.
	b.	eliminates transferor's transfer warranties
	c.	Both of the above are correct
	d.	Neither of the above are correct.

Alex, an unmarried individual dies in a tragic accident with 2 of his 3 adult children,, Sam and Tanya. Alex has no will. He is survived buy his daughter Deborah (who has one child, Evan), Sam's two children (Ralph and Anna), and Tanya's three kids (Bobby, Kim and Gus). Under current New York law how will Alex's estate be distributed after debts, expenses and taxes have been paid?

	a.	1/7 to Deborah and 1/7 to each grandchild
	b.	1/3 to Deborah. 1/6 to Ralph and Anna, 1/9 to Bobby, Kim and Gus
	c.	1/3 to Deborah, 2/3 equally distributed among Ralph, Anna, Bobby, Kim and Gus.
	d.	1/3 to Deborah, 2/3 equally distributed among Evan, Ralph, Anna, Bobby, Kim and Gus.

Janice purchased real property in New York from Vlad and received a warranty deed at the closing. New York has a race/notice statute . In this situation:

	a.	A subsequent purchaser from Vlad will obtain superior title to Janice if they record first even if they were aware of the prior transfer.
	b.	Janice must record her deed in order to have superior rights in the real property over Vlad.
	c.	If a subsequent purchaser has no notice of the prior transfer they will have superior title without recording.
	d.	A subsequent purchaser must prove hey had no notice of the prior transfer AND record first in order to have title superior to Janice.

Suppose Lola possesses a negotiable instrument made "payable to the bearer". If she loses the instrument while rescuing a drowning puppy from a pond and Mike, the one who threw the puppy in the pond later finds the instrument, the Mike will:

	a.	be able to collect payment if properly presented.
	b.	be denied the payment since his bad act caused the problem.
	c.	be denied payment since he wa not the intended payee.
	d.	be denied payment because puppies are cute!.

Assume that Bob indorses a check that was payable to Cash by writing the words "Pay to Helen" on the back of the check and then signing his name. He has:

	a.	converted order paper to bearer paper.
	b.	converted bearer paper to order paper.
	c.	kept it order paper
	d.	kept it bearer paper.

Answer 1

Question-A qualified indorsement:

Answer-The correct answer is Option b, that is:

"Eliminates transfer's transfer warranties', as because a qualified indorsement is which cancels any contract liability on the instrument.

It means the indorsor has no liability to if the instrument is dishonoured due to any cause.

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