Which of the following statements regarding instrument liability is TRUE?
a. The holder of an instrument must first ask for payment from those who are secondarily liable.
b. For any given instrument, only one person can be liable at a time.
c. A person with primary liability is unconditionally liable and must pay unless he or she has a valid defense.
d. A person with secondary liability has the same liability to the holder as a person with primary liability.
c
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