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What Does It Mean for Liability on a Negotiable Instrument

Question 13

Multiple Choice

What does it mean for liability on a negotiable instrument to be secondary liability?


A) The liability is for a small amount.
B) The liability arises only if the party with primary liability defaults and does not pay.
C) There are two parties to share the secondary liability.
D) It means that the liability relates to a two-party negotiable instrument.
E) It means that the party only owes one-half of the debt

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