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What are the five conditions of negotiable instruments that make them legally collectible?
Wiki User
∙ 10y ago
1.) Must be in writing
2.) Must contain an unconditional promise to pay a definite amount
3.) Must be payable on demand
4.) Must be payable to the order of a particular person or to the holder of the note
5.) Must be delivered to the payee
Wiki User
∙ 10y ago
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If a bank writes off a debt is it still legally collectible?
If it is designated a charge off the debt is still valid and collectible by any means allowed under state law including a lawsuit against the debtor(s). If the debt is designated as cancelled or forgiven the debt is not collectible. A cancelled debt is considered taxable income, the debtor will receive a 1099-C and the amount stated must be claimed on the person's IRS tax return. If the creditor writes off interest on the original amount is this taxable?
Can you cash a check that is under someone else's name?
Not legally, unless the owner of the check open endorses, (signs their name on the back). Then it is simply a negotiable instrument to any holder.However, that is what is called a "3rd Party" check. The first being who wrote it, the second the one it was written to, and the 3rd the one who it is now endorsed or assigned to (or even if the assignment is open). These are generally much harder to cash, and flatly won't be accepted by many places.
What is an unwritten agreement that are legally enforceablecalled?
An unwritten, legally enforceable agreement is usually called a verbal contract.
Can you get rid of your mortgage legally?
No
Can a loan company place a lien on a cosigner's home?
They cant legally "threaten" to do do anything that they cant legally do, so the answer is YES, they can attach your home.
What word means legally collectible?
The word that means legally collectible is 'enforceable.'
What is the Implied warranty of the assignor of a negotiable instrment?
The Assignor is the one who assigns the value of a choice of action.This gives or allow,s with the absence of evidence of an opposite or contrary intention, that the claim is genuine and legally enforceable in the amount that is specified on the the negotiable instrument.
What conditions can someone lose their green card?
If you violate laws or if it expires. Or if you didn't get it legally. If you violate laws or if it expires. Or if you didn't get it legally.
Discovered deposits that can be extracted economically and legally under present conditions are called?
reserves
Can my mother terminate two of her 4 executors from her will?
Your mother can legally alter the conditions of her will as long as she is still deemed to be of sound mind and body. If there is a suspicion that she is senile, then the change could be legally challenged.
How many payments can you miss before your car will be repossessed?
Legally if you miss 1 payment you are delinquent and they can start repossession proceedings on their vehicle. Remember it is not your car until you pay for it. It belongs to the lender.
How old do you have to be to have an Amazon account?
18 due to A) needing a credit card and B) to legally agree to the terms and conditions
Under which conditions may a person 11 years of age or younger operate legally a motorboat powered by a motor greater than 25 horsepower or a PWC?
There are no conditions that make it legal.
Who profits legally from opium production?
Opium is grown and sold legally in many countries as it is a key ingredient in a number of legally used pharmaceuticals such as morphine and its derivatives. In some countries it can only be grown under special license, and sold within sepcific legal conditions.
What conditions allow for a system to be opened and repaired without recovering the freon to thre reqiured vacuum level?
Legally? None.
What is the name of the legally mandated area on every credit solicitation which provides information about the terms and conditions of the card?
Schumer Box
If a bank writes off a debt is it still legally collectible?
If it is designated a charge off the debt is still valid and collectible by any means allowed under state law including a lawsuit against the debtor(s). If the debt is designated as cancelled or forgiven the debt is not collectible. A cancelled debt is considered taxable income, the debtor will receive a 1099-C and the amount stated must be claimed on the person's IRS tax return. If the creditor writes off interest on the original amount is this taxable?
