Equity Credit Company has in its possession an instrument dated May 1, 2019. The instrument is payable to the order of First Choice Moving & Storage Company "on June 1, 2020," for $5,000. In the upper left corner is an address for Greater Metro Development Corporation-10 Corporate Park Avenue, Chicago, Illinois-and in the lower right corner is the signature of "Hilltop Investments, Inc., By Ida, President." In the lower left corner is stamped "ACCEPTED: Greater Metro Development Corporation by John, President, May 5, 2019." On the back is the signature of "First Choice Moving & Storage Company by Kathleen, President." Who, if anyone, is primarily liable on this instrument on May 1? On May 5? Who, if anyone, is secondarily liable on this instrument?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q62: Leda deceives Merchant Company into signing a
Q63: To obtain a loan, Nero signs a
Q64: Ana issues a check drawn on Best
Q65: Drill Bit Company issues a check drawn
Q66: Qato forges Rush's name as the drawer
Q67: Wang obtains a loan from Xi and
Q68: It is assumed that a drawer or
Q69: Development Corporation obtains a business loan from
Q70: To buy a truck under warranty from
Q72: Rau obtains a loan from Security Funds
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