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Desolo Desolo
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10 years ago
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
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bbbbbb
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9 years ago
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Desolo Author
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#2
9 years ago
Thanks
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#3
9 years ago
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.
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#4
8 years ago
yes, the answer is A
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