Asked by Patrick Garland on Jul 20, 2024
Verified
The UCC states that a check must be presented within ________ days of its date to hold the drawer secondarily liable.
A) 7
B) 10
C) 21
D) 30
E) 60
Drawer Secondarily Liable
The obligation of the drawer of a negotiable instrument, such as a check, to pay if the primary party fails to do so.
- Recognize the judicial repercussions of failing to submit a check within the allotted time periods.
Verified Answer
EA
Easy and Fast tricksJul 26, 2024
Final Answer :
D
Explanation :
Under the Uniform Commercial Code (UCC), a check must be presented for payment within 30 days of its date to hold the drawer secondarily liable. This ensures that the person who wrote the check (the drawer) can be held responsible for the payment if the check is presented within this timeframe.
Learning Objectives
- Recognize the judicial repercussions of failing to submit a check within the allotted time periods.