presentment warranties

Question 1

demand for payment by person

Answer 1

entitled to enforce the instrument

Question 2

presentment is excused when

Answer 2

presenter cannot be locate the one liable; maker has repidated obligation to pay; instrument does not require presentment; drawer or indorser has waived; drawer has instructed drawee not to pay

Question 3

presentmeant warranties means

Answer 3

a payor bank can sue upstream

Question 4

presentment warranties

Answer 4

person is entitled to enforce the instrument; draft has not been altered; warrantor has no knowledge that drawer’s signature is invalid

Question 5

maker has

Answer 5

primary liability in notes

Question 6

drawer has

Answer 6

secondary liability. drawer’s obligation to pay ripens only upon presentment and dishonor

Question 7

drawee not legally obligate on the instrument unless

Answer 7

He signs

Question 8

Accommodation parties

Answer 8

entitled to reimbursement from maker

Question 9

Accommodation party reqs

Answer 9

signs the instrument, must not be a direct beneficiary, and capacity

Question 10

guarantees collection

Answer 10

go after signing party

Question 11

guarantees payment

Answer 11

go after both