In which of the following cases can the holder of an instrument seek recourse from the parties with secondary liability?

Question

Quizplus · Accepted Answer

The holder of an instrument can seek recourse from parties with secondary liability if the instrument has been dishonored, meaning it has not been paid as agreed upon. Parties with secondary liability include endorsers and guarantors who have promised to pay if the primary party (the maker or drawer) does not. Options A, B, and D are not relevant to seeking recourse from parties with secondary liability.

In Which of the Following Cases Can the Holder of an Instrument