Who Is Primarily Liable on a Note

question 21

Multiple Choice

Who is primarily liable on a note?

• A) The holder.
• B) The indorsers.
• C) The drawee bank.
• D) The maker.

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Definitions:

British Pound Sterling

The official currency of the United Kingdom, which is one of the world's major currencies traded on foreign exchange markets.

Financial Statements

Reports that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement, among others.

Foreign Currency Transactions

Financial operations involving the exchange of one country's currency for another, affecting businesses that trade or invest across borders.

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is globally recognized for financial reporting.