fall 2010 bule 402 final group work

fall 2010 bule 402 final group work - BULE 402 Group Work:...

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BULE 402 Group Work: December 6, 2010 Honiyeh Sarpand, Waleed Ahsan, Laura Milchak, Hyeun Kwon, Travis Wilson, Sofia Mangurra, Chung Tiung, Lance Frasier, Martza Romero, Meaghan Haghner, Samia Jawed Question 1: Explain the difference between primary liability and secondary liability? Someone with primary liability is unconditionally liable – he must pay unless he was a valid defense. Those with seconday liability only pay if the person with primary liability does not. The holder of an instrument must first ask for payment from those who are primarily liable before making demand against anyone who is only secondarily liable. Question 3. When a holder presents a check to the bank – what can the bank do? They can cash it or dishonor it. They can certify it , discharge it which is accepting or declining. Question 5. Forged checks – if the drawee bank pays a check with a forged drawer’s name, can the bank recover against the payee? Yes. The draw bank is liable if it pays a check on which the drawer’s name is forged. The
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fall 2010 bule 402 final group work - BULE 402 Group Work:...

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