QUESTION 33 Liability on a negotiable instrument that is imposed on a party only when the party primarily liable on the instrument defaults and fails to pay the instrument when due is referred to as O secondary liability O unqualified liability O fringe liability warranty liability QUESTION 34 Every party that signs a negotiable instrument is primarily liable on the instrument True False QUESTION 35 The fictitious payee rule states that if an imposter forges the Indorsement of the named payee, the drawer or maker is liable on the Instrument to any person who in good faith, pays the instrument or takes it for value or for collection True False Click Save and Submit to save and submit. Click Save All Answers to save all ansters. HE