Please help with the following problem.
What is needed for a party to be considered secondarily liable on an instrument?
1. The notice of dishonor must be given to the person to be held sedoncarily liable.
2. The instrument must be properly presented for payment
3. the notice of dishonor must be timely
4. the instrument is dishonored
5. all of these are correct
Problem: What is needed for a party to be considered secondarily liable on an instrument?
5. They all are correct.
§ 3-501. PRESENTMENT.
* (a) "Presentment" means a demand made by or on behalf of a person entitled to enforce an instrument (i) to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or (ii) to accept a draft made to the drawee.
* (b) The following rules are subject to Article 4, agreement of the ...
This solution helps answer a secondary liability question. It answers a question about what is needed for a party to be considered secondarily liable on an instrument.