Which of the following statements regarding instrument liability is TRUE?
A) The holder of an instrument must first ask for payment from those who are secondarily liable.
B) For any given instrument,only one person can be liable at a time.
C) A person with primary liability is unconditionally liable and must pay unless he or she has a valid defense.
D) A person with secondary liability has the same liability to the holder as a person with primary liability.
Correct Answer:
Verified
Q25: An accommodation party on a negotiable instrument
A)typically
Q26: Tom indorsed a check made payable to
Q27: Generally,indorsers are not liable under signature liability
Q28: Ivy wants to buy a necklace from
Q29: When a negotiable instrument is transferred,the transferor
Q31: Cecilia made a check out to Gideon
Q32: An instrument ordering someone else to pay
Q33: Anyone who presents a check for payment
Q34: When a person indorses a check,the indorser
Q35: Jessie is the maker of a $1,000
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