Secondary liability is a ________ liability.
A)warranty
B)contingent
C)transfer
D)accidental

Question

Quizplus · Accepted Answer

Secondary liability is a contingent liability.To trigger it,the instrument must be properly presented for payment or acceptance,the instrument must be dishonored (i.e. ,the payment or acceptance must be refused or not obtained within the prescribed time),and notice of the dishonor must be given to the person secondarily liable.

Secondary Liability Is a ________ Liability