Fact Pattern 27-1B (Questions B6-B7 apply)
Charlton is the maker of a $200,000 promissory note payable to Development & Sales Corporation. Development & Sales indorses the note to Equity Lenders, which in turn indorses it to First Select Investors, which then in?dorses it to Global Bank, the present holder.
-Refer to Fact Pattern 27-1B. Global Bank properly pre?sents the note to Charlton for pay?ment, but he dishonors it. With timely notice to the proper parties, Global Bank may collect payment on the note from
A) Development & Sales, Equity Lenders, or First Select.
B) Development & Sales or Equity Lenders only.
C) First Select only.
D) no one.

Question

Quizplus · Accepted Answer

Global Bank can seek payment from any of the previous endorsers on the note, including Development & Sales, Equity Lenders, or First Select, as long as notice is given in a timely manner.

Fact Pattern 27-1B (Questions B6-B7 Apply)