Real defences:

a.   May be asserted against anyone, except a holder in due course.

b.   May be asserted against anyone, including a holder in due course.

c.   May only be asserted against banks and other financial institutions.

d.   Are no longer recognized as valid under the Uniform Commercial Code.

A draft may require the payor of the draft to do all of the following, except:

a.   Pay the holder of the draft a definite amount of money.

b.   Pay the holder of the draft money on demand.

c.   Pay the holder of the draft on a fixed date in the future.

d.   Pay the holder of the draft a higher rate of interest if a future event occurs.

The term “banking day” is best defined as:

a.   All days in a calendar year in which banks observe holidays.

b.   That part of any day when banks offer reduced interest rates on small business loans.

c.   A designated day in the work week in which banks will provide certain services to the public.

d.   That part of any day on which a bank is open to the public for carrying on substantially all banking functions.

If necessary to protect an account receivable, a bank can seize deposits under its right of:

a.   Restitution.

b.   Garnishment of wages.

c.   Setoff.

d.   Redemption.