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47.When a time instrument states that the amount due is with interest a.it is too...

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Accounting

47.When a time instrument states that the amount due is with interest

a.it is too vague and no interest will be charged.

b.the interest rate to be paid is the date-of-instrument interest rate charged on U.S. Treasury Notes.

c.the interest rate to be paid is the date-of-instrument rate charged on U.S. Treasury Notes plus 1%.

d.the interest rate to be paid is the judgment rate of interest fixed by statute in the state where the instrument is made.

48.A bank that pays a customers check bearing a forged indorsement

a.must re-credit the customers account.

b.must re-credit the customers account if the check amount is over $50.

c.will not have to re-credit the customers account unless notified of the forgery by the customer within 15 business days of payment.

d.will not have to re-credit the customers account unless the forgery can be said to be obvious under the UCC definition.

49. A mechanics lien

a.is secured by real property.

b.is secured by personal property.

c.is an unsecured general obligation to pay.

d.cannot be imposed on a charitable organization as defined by the Internal Revenue Code.

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