A negotiable promissory note executed and delivered by B to C passed in due course and was indorsed in blank by C, D, E, and F. G, the present holder, strikes out D’s indorsement. What is the liability of D on her indorsement?
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A negotiable promissory note executed and delivered by B to C passed in due course and was indorsed in blank by C, D, E, and F. G, the present holder, strikes out D’s indorsement. What is the liability of D on her indorsement? |
Answer and Explanation
Explanation
Individual G, the holder of the instrument, has the power to cancel the endorsement of anyone from the instrument. So, on the cancellation of endorsement of Individual D from the instr...
Explanation
Individual G, the holder of the instrument, has the power to cancel the endorsement of anyone from the instrument. So, on the cancellation of endorsement of Individual D from the instrument, by Individual G, Individual D becomes free from the liability on account of the instrument.
Verified Answer
Individual D is going to be free from the liability of the instrument since the holder of the instrument cancelled the endorsement of Individual D from the instrument.
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