1.What is meant by primary liability in the context of negotiable instruments? E

Question

1.What is meant by primary liability in the context of negotiable instruments? Explain in detail. Please provide a real world example.

2. Brief the case with the following link below.

http://caselaw.findlaw.com/id-court-of-appeals/1405168.html

this question. The queation is worth 100 points (the below revised bried is worth an additional 50 points, which means this Module is worth 150 in total, What is meant by primary liability in the context of negotiable instruments? Ex 3. BRIEF REQUIREMENT -Each student is required to briet 1 casa. As the briqirement is a collaborative process botween student and Instructor you previously prepared an intal version of a real this brief. Then, I provided feedback on your initial effort. In this Module, you will sevise your brief and turn in a final version. The initial version of the brief was worth 50 i provided briefing materials, along with links to the case law. You need to brief 1 of the below 3 cases (you choose which case you will brief), I have again links to the 3 cases in case you need them again. The Briet Format and Briet Example can be found in How You Wal Be Evaluated. This is worth 50 points. A Corliss v. Wenner (finder's law case) and the final version of the brief is worth 50 points (100 points in total-equivalent to a Test). Failure to turn either of these in on time will result in O points out of 50. included the a Cipord v Plufterkorm (gft law caswlengapement ring case) canelw.nw.cmeoutofas/1051764 nt C. Jasphy v. Osinsky (limited l ability clause case/ bailment case) caselaw.findlaw.comini-superior.court-acpellate division/1453171.htm

Explanation / Answer

The person who signs holds primary liability for the negotiable instrument. He is usually the maker, issuer, or acceptor of that instrument. Holding a primary liability means that the party in question is mainly responsible for the payment of the negotiable instrument. Any claims of payment on the negotiable instrument will come to the party holding primary liability for that instrument first and will only reach any other party on the condition that the primary liability holder does not or cannot make payment on the negotiable instrument. The primary liability holder could actually avoid dishonoring the negotiable instrument while still avoiding payment for that instrument. But the situations in which such an act is possible are highly specific and the primary liability holder will have to make payment when the holder of the negotiable instrument presents it for payment. There are three parties involved, the party holding primary liability for the draft will be the drawee, from whom payment is ordered by the drawer for the payee. For promissory notes, on the other hand, the party holding primary liability for the note will be the issuer or maker of the note, as a promissory note is a promise from the issuer to pay another party.

Liability of Drawer:

The drawer of a bill or cheque is bound to compensate the holder in case dishonored by the drawee or acceptor provided due notice of dishonor has been given or received by the drawer. Before acceptance of a bill, drawer’s liability is primary and after acceptance his liability becomes secondary to acceptor’s liability.

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