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Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 33 - Mallor, Barnes, Bowers, Langvardt

Chapter 33 provides knowledge of liability of parties. After reading the material in this chapter, you should be able to: Explain difference between primary and secondary liability, list five warranties made to transfer negotiable instruments and three warranties made when presenting these for payment or acceptance, discuss three exceptions to normal liability rules. | Commercial Paper Negotiable Instruments Negotiation & Holder in Due Course Liability of Parties Checks and Electronic Transfers 7 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Liability of Parties P A E T R H C 33 “Always do right. This will gratify some people, and astonish the rest.” Mark Twain, speech to Young People’s Society (1901) Learning Objectives The Basics of Contractual Liability Contractual Liability in Operation Warranty Liability Other Liability Rules Discharge of Negotiable Instruments 33 - When a person signs a negotiable instrument as maker, drawer, or indorser, the person is contractually liable to pay the instrument Liability also arises from: (1) improper transfer or presentment of an instrument; (2) negligence in instrument issuance, alteration, or indorsement; (3) improper payment; or (4) conversion Overview 33 - The maker or drawer of a promissory note is primarily liable for paying the debt UCC Article | Commercial Paper Negotiable Instruments Negotiation & Holder in Due Course Liability of Parties Checks and Electronic Transfers 7 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Liability of Parties P A E T R H C 33 “Always do right. This will gratify some people, and astonish the rest.” Mark Twain, speech to Young People’s Society (1901) Learning Objectives The Basics of Contractual Liability Contractual Liability in Operation Warranty Liability Other Liability Rules Discharge of Negotiable Instruments 33 - When a person signs a negotiable instrument as maker, drawer, or indorser, the person is contractually liable to pay the instrument Liability also arises from: (1) improper transfer or presentment of an instrument; (2) negligence in instrument issuance, alteration, or indorsement; (3) improper payment; or (4) conversion Overview 33 - The maker or drawer of a promissory note is primarily liable for paying the debt UCC Article 3 requires a person who is secondarily liable to pay the instrument only if the person primarily liable defaults An indorser usually is secondarily liable A drawee has no liability on a check or draft unless it certifies or accepts it Details of Liability 33 - To trigger the secondary liability, the instrument must be properly presented for payment or acceptance, the instrument must be dishonored, and notice of the dishonor must be given to the person secondarily liable. Indorsers are liable to each other in chronological order, from the last indorser back to the first The indorser can avoid this liability only by qualifying his indorsement, such as “without recourse,” on the instrument when he indorses it [3– 415(b)]. An indorser is discharged from liability if: A bank accepts a draft after indorsement [3–415(d)] Notice of dishonor is required and proper notice is not given to the indorser [3–415(c)] No one presents a check or gives it to a depositary bank for collection within .