Explain liabilities for payment of instrument
By making an indorsement, an indorser, with the exception of a qualified indorser, agrees to pay any subsequent holder the face amount of the instrument if the holder presents the instrument to the primary party when due, and the primary party refuses to pay. The holder must then give the indorser in question notice of such default. This notice may be given orally, or it may be given by any other means, but it must be given before midnight of the third full business day after the day on which the default occurs.?
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