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TeachMeFinance.com - explain Secondarily liable historic definition...
Secondarily liable -- The person primarily liable on a negotiable
instrument is the person. upon whom rests the absolute
requirement to pay it ; all other parties are secondarily liable.
The maker of a note is primarily liable, while an indorser is
secondarily liable. When a draft has been accepted the acceptor
is primarily liable, while the drawer is secondarily liable.
When, however, a draft has not been accepted the drawer is
primarily liable. The drawer (issuer) of a check is primarily
liable, while an indorser is secondarily liable. An indorser is
always secondarily liable.
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