A holder can recover from any of the parties who are liable on the instrument, regardless of the order of the signatures on the instrument.

Question

Quizplus · Accepted Answer

According to the principle of "privity of contract," a holder can recover from any party who is liable on the instrument, whether or not that party was the first to sign the instrument. This is why the order of the signatures on the instrument is not relevant for the purposes of determining liability.

A Holder Can Recover from Any of the Parties Who