Which of the Following Statements Regarding Instrument Liability Is TRUE

question 11

Multiple Choice

Which of the following statements regarding instrument liability is TRUE?

• A)The holder of an instrument must first ask for payment from those who are secondarily liable.
• B)For any given instrument,only one person can be liable at a time.
• C)A person with primary liability is unconditionally liable and must pay unless he or she has a valid defense.
• D)A person with secondary liability has the same liability to the holder as a person with primary liability.

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Definitions:

Appalachian Mountains

A mountain range in Eastern North America, extending from the Canadian province of Newfoundland and Labrador to central Alabama in the United States.

Canadian Shield

A vast area of mostly crystalline rocks exposed in the eastern half of Canada and the Great Lakes region of the United States.

Precambrian

The era in Earth's history before the Cambrian Period, representing the time from the planet's formation to 541 million years ago.

Tectonic Terranes

Distinct portions of the Earth's crust, often with a unique geological history, that have been attached to a tectonic plate through the process of accretion.