Which type of party must pay the stated amount of an instrument when it is initially presented for payment?
A)A party who is secondarily liable
B)A drawer or a party who is secondarily liable
C)An endorser
D)A drawer or an endorser
E)A party who is primarily liable

Question

Quizplus · Accepted Answer

A party who is primarily liable for an instrument must pay the stated amount on the instrument when it is presented for payment.This liability for the stated amount begins as soon as the instrument is issued.Moreover,the primarily liable party must pay without resorting to any other party.

Which Type of Party Must Pay the Stated Amount of an Instrument