What are different kinds of signature liabilities? Explain please. Thank you.© BrainMass Inc. brainmass.com June 3, 2020, 6:55 pm ad1c9bdddf
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 ...
In about 350 words, this solution discusses different types of signature liabilities with a brief explanation of each. References are also provided.