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"1st Bank sold Last Bank a negotiable promissory note, from a mortgage loan to Barney....

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Accounting

  1. "1st Bank sold Last Bank a negotiable promissory note, from a mortgage loan to Barney. 1st Bank delivered the note to Last Bank, but neglected to endorse the note. Does Last Bank have the right to enforce the note against Barney?"

    Yes because 1st Bank transferred the note to Last Bank

    "No because the note says it is still payable to 1st Bank, not Last Bank"

    "Yes, because the right to collect was assigned to Last Bank"

    "No, Barney can only be liable to it's lender, 1st National Bank."

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