Cancellation of a negotiable instrument will discharge any party with primary liability as well as any party with secondary liability.

Name: Cancellation of a negotiable instrument will discharge any party with primary liability as well as any party with secondary liability.
Brand: Quizplus
Rating: 5.0 (53 reviews)

Question

Quizplus · Accepted Answer

Cancellation of a negotiable instrument discharges all parties from their obligations, including those with primary and secondary liability, as it nullifies the instrument's enforceability.

Cancellation of a Negotiable Instrument Will Discharge Any Party with Primary