Which of the Following Is True of an Unqualified Indorsement

Multiple Choice

Which of the following is true of an unqualified indorsement?

A) The order and liability of the indorsers is presumed to be the order in which they indorse the instrument, unless otherwise agreed.
B) The first indorser is presumed to be liable for the full amount in the instrument, unless otherwise specifically agreed.
C) It guarantees payment of the instrument if the maker defaults.
D) It protects subsequent indorsees from liability.