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List the steps in the guest cycle.Is one step more important than another? Why or why not?
Subsequent Holder
An individual or entity that obtains a negotiable instrument after its initial issuance, under certain conditions that preserve the instrument's negotiable status.
Indemnity
A primary obligation of a third party to pay a debt along with the debtor
Subrogation
The right of the insurer upon payment to take over the rights of the insured in relation to whoever caused the injury.
Guarantor
A person assuming obligation to pay if the debtor does not.
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