Sherwood Bennett, who has a checking account at Big Bucks Bank, is writing a check to Cassie Porter, who has a checking account at Lots a Loot Bank. What should be written on the "Pay to the order of" line of the check?
A. Sherwood Bennett
B. Lots a Loot Bank
C. Big Bucks Bank
D. Cassie Porter
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A check is a "negotiable financial instrument that directs a bank (the drawee or paying bank) to pay a stated amount of money to a specific person (the payee), from a designated account of the bank's depositor (the drawer of the check). The right to receive the money can be transferred by negotiation to other persons (transferees)."
The "to the order" means it does not have to be paid to the payee, but that they can direct it be paid to another (called endorsing).