Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Are primarily liable parties STILL liable to pay a dishonored note if the right steps were made after the dishonor occurs in making the secondarily
Are primarily liable parties STILL liable to pay a dishonored note if the right steps were made after the dishonor occurs in making the secondarily liable parties liable?
EX: Say I issue a promissory note to Company A, who then indorses it to Company B, who then indorses it to Company C.
When it is due, I dishonor it.
Company C meets the criteria of holding Companies B and A as secondarily liable. Am I still obligated to Company C? Otherwise, who is obligated to pay them?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started