12. Stanley, who owes Milton money, indorses a draft to him with the term "without recourse." The instrument later is dishonored. What liability does Stanley have on the instrument? A. He has no liabilities on the instrument. B. He has to pay Milton in case the instrument defaults. C. He has primary liabilities. D. He has secondary liabilities. 13. Which of the following is implied when a bank certifies a check? A. The bank agrees to accept the check when it is presented for payment. B. The bank cashes the check only if the holder himself presents it for payment. C. The bank withholds payment on the check until the drawer authorizes payment. D. The bank holds the check as guarantee for repayment of a loan taken by a customer. 14. A is a judgment of a court that permits a secured lender to recover other property or income fromra defaulting debtor if the collateral is insufficient to repay the unpaid loan. A. deficiency judgment B. garnishment C. lien release D. foreclosure