Drawers and indorsers are secondarily liable on negotiable instruments.

Name: Drawers and indorsers are secondarily liable on negotiable instruments.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Drawers and indorsers are secondary liable parties on negotiable instruments, meaning that they are only responsible for payment if the primary liable party (usually the maker or acceptor) fails to pay. The primary liable party is responsible for payment regardless of whether or not the secondary liable party can or is willing to pay.

Drawers and Indorsers Are Secondarily Liable on Negotiable Instruments