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Title: Stanley, who owes Milton money, indorses a draft to him with the term "without r Post by: Desolo on Apr 2, 2014 Stanley, who owes Milton money, indorses a draft to him with the term "without recourse." The instrument later is dishonored. What liability does Stanley have on the instrument?
A) He has no liabilities on the instrument. B) He has to pay Milton in case the instrument defaults. C) He has primary liabilities. D) He has secondary liabilities. This is for my business law class, anything will help Title: Re: Stanley, who owes Milton money, indorses a draft to him with the term "without r Post by: bbb on May 21, 2014 Content hidden
Title: Re: Stanley, who owes Milton money, indorses a draft to him with the term "without r Post by: Desolo on May 21, 2014 Thanks
Title: Re: Stanley, who owes Milton money, indorses a draft to him with the term "without r Post by: lychee4t on Dec 3, 2014 Answer is (A): He has no liabilities on the instrument.
The drawer disclaims all liability when writing "without recourse" on a DRAFT. He has secondary liability when it is on a CHECK. Title: Re: Stanley, who owes Milton money, indorses a draft to him with the term "without r Post by: nikkizhang1991 on Mar 4, 2016 yes, the answer is A
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