WebOct 13, 2024 · The general definition of liability means “the state of being legally responsible for something.”. In the case of an insurance claim, liability means that the party described by that term bears legal responsibility for the actions that caused another party’s injuries or severe property damage. WebSec. 62. Liability of acceptor. - The acceptor, by accepting the instrument, engages that he will pay it according to the tenor of his acceptance and admits: (a) The existence of the …
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WebFind 26 ways to say PRIMARILY, along with antonyms, related words, and example sentences at Thesaurus.com, the world's most trusted free thesaurus. WebOct 11, 2024 · In contracts of guarantee, the guarantor assumes secondary liability. The guarantor answers for obligations for which the debtor, who remains primarily liable. This means a guarantor is liable for (say) the debt regardless of the position of the debtor, and whether a demand has been made upon the original debtor or not. playback over cellular disabled on iphone
AN ACT ENTITLED "THE NEGOTIABLE INSTRUMENTS LAW."
WebThe drawee’s signature on the draft is necessary and sufficient to accept, and if that happens, the drawee as acceptor is primarily liable. The acceptance must be written on … WebStudy with Quizlet and memorize flashcards containing terms like Primarily liable means:, A surety who is being held liable on a contract after a principal debtor failed to pay could … Web1 / 15. Parties primarily liable: • Maker of promissory note. • Acceptor of bill of exchange. • Certifier of a check. Liabilities: • Unconditionally liable; • Duty bound to pay the holder at … playback over limit