All the following conditions meet the requirement of the liability for payment of the instrument by the endorser or the drawer,EXCEPT when:

Question

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The liability for payment of the instrument by the endorser or the drawer arises when the instrument has been presented for payment and payment has been refused, and notice of the refusal has been given to the drawer or endorser. If the bank has assured that the payment will be made later, the liability for payment does not arise.

All the Following Conditions Meet the Requirement of the Liability