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8 Cards in this Set
- Front
- Back
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Maker
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liable for payment of promissory note
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Acceptor
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is obligated to pay the draft according to the terms at the time of its acceptance
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Acceptance
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is the drawee's signed engagement to honor the draft as presented
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Indorser
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obligation on dishonor of the instrument is to pay the amount due on the instrument according to its terms as of the time he indorsed it
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Accommodation Party
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a person who signs a negotiable instrument for the purpose of lending his/her credit to another party to the instrument but is not a direct beneficiary of the value given for the instrument
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Transfer Warranties
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which persons who transfer negotiable instruments make to their transferees
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Presentment Warranties
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which persons who present negotiable instruments for payment or acceptance make to payers and drawees
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Discharge
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any party whose obligation is affected by the alteration unless the party assents or is precluded from asserting the alteration
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