TeachMeFinance.com - explain Primarily liable
Primarily 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 primrrily
liable, while an indorser is secondarily liable. An indorser
is always secondarily liable.
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