Bass signs a note payable to the order of Credit Bank. Unless Bass has a valid defense against payment, his liability on this note isA) impaired.B) primary.C) secondary.D) qualified.

Question

Erica Printers · Accepted Answer

Final Answer : B, Explanation :  Bass's liability on the note is primary because, as the signer of a note payable to the order of a specific entity (in this case, Credit Bank), he is the primary party responsible for payment.

Bass signs a note "payable to the order of Credit Bank." Unless Bass has a valid defense against payment, his liability on this note is

A) impaired.
B) primary.
C) secondary.
D) qualified.

Definitions

Learning Objectives

Learning Objectives

Related questions

Bass signs a note "payable to the order of Credit Bank." Unless Bass has a valid defense against payment, his liability on this note isA) impaired.B) primary.C) secondary.D) qualified.

Definitions

Learning Objectives

Learning Objectives

Related questions

Bass signs a note "payable to the order of Credit Bank." Unless Bass has a valid defense against payment, his liability on this note is

A) impaired.
B) primary.
C) secondary.
D) qualified.