b c d e f g h i j k l m n o p q r s t u v w y z search |
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.
About the author
Copyright © 2007 by Mark McCracken, All Rights Reserved. ![]() |