Asked by pizza and spagghetti on May 20, 2024
Verified
Usually,who may have the power to surrender the instrument if full payment is made?
A) Indorser
B) Accommodation maker
C) Party to whom the holder presents the instrument
D) Drawer
Surrender
The act of giving up something or yielding possession, often under duress or in compliance with a legal requirement.
Instrument
in legal and financial contexts, refers to a formal document, such as a contract, will, promissory note, or financial security.
Full Payment
The complete settlement of an obligation or debt without any outstanding balance.
- Determine the circumstances in which a party is released from responsibility regarding a negotiable instrument.
Verified Answer
AM
Andrew MacIsaacMay 23, 2024
Final Answer :
C
Explanation :
The party to whom the holder presents the instrument,without dishonoring the instrument,may surrender the instrument if full payment is made.
Learning Objectives
- Determine the circumstances in which a party is released from responsibility regarding a negotiable instrument.