The drawer is obligated to pay the draft only if the drawee fails to pay the instrument.
Correct Answer:
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Q15: National Trust Bank returns a check because
Q16: Any kind of notice of dishonor that
Q17: Elder, an authorized agent for Mullins, signs
Q18: "Presentment" is necessary within 10 days of
Q19: Discharge applies to the individual, not to
Q21: All people who obtain payment or acceptance
Q22: A waiver of presentment will not waive
Q22: By paying the holder on an instrument,a
Q23: Checks, when presented, are automatically certified.
Q25: Molly makes a note payable to the
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