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
Correct Answer:

Verified
Correct Answer:
Verified
Q8: A holder who does not qualify as
Q9: With few exceptions,an unauthorized indorsement is wholly
Q10: A holder in due course:<br>A) has greater
Q11: A holder in due course takes an
Q12: Under the Uniform Commercial Code,value has not
Q14: A party who signs an instrument for
Q15: Makers of promissory notes and certificates of
Q16: Martha is elderly,does not speak or read
Q17: To qualify as a holder in due
Q18: How does the definition of value for