Asked by Elaine Vizcarra on Jun 03, 2024

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Verified

Indorsers of all instruments incur primary liability on the instrument.

Primary Liability

The obligation to pay a debt or fulfill a contractual obligation first, before any secondary parties are called upon.

Indorsers

Individuals who sign their names on the back of negotiable instruments, like checks or promissory notes, transferring their rights to another party.

  • Apprehend the value of distinct endorsements and the obligations they impose.
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Verified Answer

AW
Avery WalterJun 07, 2024
Final Answer :
False
Explanation :
Endorsers of an instrument generally incur secondary liability, meaning they are liable only if the primary party (the maker or acceptor) defaults and certain conditions are met, such as proper presentment, dishonor, and notice of dishonor.