Timely notice of the dishonor of an instrument that has been properly presented for payment discharges the liability of parties who are secondarily liable on the instrument.

Question

Quizplus · Accepted Answer

Timely notice of the dishonor of an instrument does not discharge the liability of parties who are secondarily liable; rather, it is necessary to preserve their liability. Without such notice, these parties may be discharged from obligation.

Timely Notice of the Dishonor of an Instrument That Has