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Types of Signature Liabilities

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What are different kinds of signature liabilities? Explain please. Thank you.

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In about 350 words, this solution discusses different types of signature liabilities with a brief explanation of each. References are also provided.

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Different types of signature liabilities are:

Primary Liability: A person who is primarily liable on a negotiable instrument is absolutely required, subject to one or more valid defenses, to pay a negotiable instrument upon presentment.

Only makers and acceptors (drawees that promise to pay when the instrument is presented) are subject to primary liability. The maker of a promissory note promises to pay the note. An acceptor is a drawee that promises to pay an instrument when it is presented later for ...

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Sandeep Bardia, MBA
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  • BCom, SGTB Khalsa College, University of Delhi
  • MBA, Rochester Institute of Technology
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