Commerical credit card company has in its possession an intrument dated May 1, 2

Question

Commerical credit card company has in its possession an intrument dated May 1, 2013. the instrument is payable to the order of Adam Company "on June 1, 2013" for $5,000. In the upper left corner is a address for Bella Corportaion - 10 Corporate Park Avenue, Chicago, Illinious-and in the lower right corner is the signature of "Davis, Inc. By Eve, President." In the lower left corner is a stamped "Accepted: Bella Corporation by Frank, President, May 5, 2013." On the back is the signature of " Adam Company by Gail, Preseidnt."

What type of instruemtn is this? Is it negotiable?

Who if anyine is primarily liable on this instrument on May 1? May 5?

Who if anyone is secondarily liable on this instrument?

Explanation / Answer

1.This is a commercial paper/promisery note instrument. yes it is negotiable.

2.Primary liablity of negotiable instrument is the maker of promisery note hence Adam company is primarily liable

3.all other parties to whom endoresd are secondary liable but they are not liable unless and untill the bill is presented to the primarily liable party and the same is dishounred.

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