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To borrow the money to buy a car, Klaus signs a note payable to the order of Lake City Auto Financing. Minnie cosigns the note
To borrow the money to buy a car, Klaus signs a note "payable to the order of Lake City Auto Financing." Minnie cosigns the note to guarantee the repayment of the loan. Minnie's liability on this note is a. lateral. b. primary. c. secondary. d. tertiary. Chris tricks Dion, who does not understand English, to sign a $1,000 note that Dion believes in an application for a credit card. Chris negotiates the note to EZ Finance Company. Dion a. can avoid payment on the note even if EZ is an HDC. b. can avoid payment on the note only if EZ is a holder. c. must pay EZ the amount that it paid for the note. d. must pay the note in full
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