When a draft is accepted by a bank,prior and subsequent indorsers are discharged.
Correct Answer:
Verified
Q22: By paying the holder on an instrument,a
Q23: Warranty liability applies to persons who:
A) transfer
Q24: Presentment is excused where the acceptor is
Q25: Presenters' warranties are exactly the same as
Q26: In all instances other than a drawee
Q28: Zoron Company purchased a truck from Ace
Q29: Elliot's payroll check was made payable "to
Q30: If a drawee bank pays an instrument
Q31: Discharge of liability on an instrument is
Q32: If an agent is authorized to execute
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