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| Smith buys a TV set from the ABC Appliance Store and pays for the set with a check. Later in the day Smith finds a better model for the same price at another store. Smith immediately calls ABC trying to cancel the sale. ABC tells Smith that they are holding him to the sale and have negotiated the check to their wholesaler, Glenn Company, as a partial payment on inventory purchases. Smith telephones his bank, the Union Trust Bank, and orders the bank to stop payment on the check. Which of the following statements is correct? A. If Glenn can prove it is a holder in due course, the drawee bank, Union Trust, must honor Smith’s check. B. Union Trust is not bound or liable for Smith’s stop payment order unless the order is placed in writing C. If Union Trust mistakenly pays Smith’s check 2 days after receiving the stop order, the bank will not be liable. D. Glenn cannot hold Smith liable on the check. |
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