Secondary parties are obligated to pay the holder of an instrument only if

Name: Secondary parties are obligated to pay the holder of an instrument only if
Brand: Quizplus
Rating: 4.8 (59 reviews)

Question

Quizplus · Accepted Answer

Secondary parties, such as endorsers or guarantors, are obligated to pay the holder of an instrument only if all the conditions listed are met: the instrument is presented for payment to the primary party (such as the maker or drawer), the primary party dishonors it, and the holder gives notice of dishonor to the secondary party.

Secondary Parties Are Obligated to Pay the Holder of an Instrument