The holder of a promissory note fails to present the note to the maker for payment on the date on which it is due. What effect does this have on the liability for payment?
A) It requires court action in order to make the holder liable for payment.
B) It requires court action in order to hold previous indorsers liable for payment.
C) It releases the maker from liability for payment.
D) It releases indorsers from liability for payment.
Correct Answer:
Verified
Q24: A good defense against a holder in
Q25: _ parties are conditionally liable for payment
Q26: Holders in due course take an instrument
Q27: Unauthorized completion of an incomplete instrument is
A)
Q28: An example of a personal defense is
A)
Q30: Duress as a legal reason (defense) offered
Q31: If payment of a negotiable instrument is
Q32: The defense that a person was a
Q33: Stebbins transferred a promissory note to Hall
Q34: Under the provisions of the UCC, in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents