Asked by
Kylin Malaterre
on Nov 27, 2024
Verified
Timely notice of the dishonor of an instrument that has been properly presented for payment discharges the liability of parties who are secondarily liable on the instrument.
Timely Notice
The requirement to inform or alert parties involved in a legal or formal process within a set time frame to ensure fairness.
Dishonor
The refusal or inability to pay a financial obligation when it comes due.
Secondarily Liable
Refers to a party who is indirectly responsible for fulfilling a debt or obligation if the primary party fails to do so.
- Familiarize oneself with the ramifications of holding primary or secondary liability on a negotiable instrument.
- Acquire knowledge on the procedural requirements for an individual to ensure collection from a negotiable instrument.
Verified Answer
MM
Learning Objectives
- Familiarize oneself with the ramifications of holding primary or secondary liability on a negotiable instrument.
- Acquire knowledge on the procedural requirements for an individual to ensure collection from a negotiable instrument.
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