Fagan, who held Slick's $500 three-month promissory note dated November 10, presented it to Slick on February 25 and demanded payment. Slick refused to pay it, claiming that presentment had not been made on the proper date. Can Fagan still legally collect on the instrument?
A) Yes; the liability of primary parties is unconditional.
B) Yes; the liability of primary parties is conditional.
C) No; Slick is a secondary party.
D) No, because Slick is the payee.
Correct Answer:
Verified
Q6: A person who receives a negotiable instrument
Q7: Notice of the dishonor of a negotiable
Q8: Indorsers of negotiable instruments are primarily liable
Q9: Presentment of a note is
A) a demand
Q10: The maker of a promissory note is
Q12: If the amount on an instrument is
Q13: Personal defenses are not good against holders
Q14: A signed instrument lacking some piece of
Q15: The Federal Trade Commission has enacted a
Q16: If a promissory note is not presented
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