Every Party That Signs a Negotiable Instrument Is Primarily Liable

question 20

True/False

Every party that signs a negotiable instrument is primarily liable on the instrument.

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Definitions:

Supreme Court Decision

A ruling issued by the Supreme Court, which is the highest court in many countries, setting a legal precedent.

Trust

A provision in equity whereby one person transfers property to a second person obligated to use it to the benefit of a third person.

Involuntary Assignment

Assignment of rights that takes place involuntarily, as in the cases of death and bankruptcy.

Equity Provision

A clause in an agreement that allows for adjustment based on the equity value of an entity or asset.