When an instrument is dishonored,only written notice is sufficient to hold secondary parties liable.

Question

Quizplus · Accepted Answer

When an instrument is dishonored, written notice alone is not sufficient to hold secondary parties liable. In addition to the written notice, secondary parties must be given a reasonable opportunity to pay the amount due or to take other appropriate action. This process is known as "protest" and is required for certain types of negotiable instruments, such as bills of exchange and promissory notes.

When an Instrument Is Dishonored,only Written Notice Is Sufficient to Hold