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Question
Susan borrows $1,000 from Jack and gives him a promissory note for $1,000 at 9 percent annual interest payable in 90 days. Jack indorses the note "Pay to the order of Robin" and negotiates the note to Robin. At the end of 90 days, Robin takes the note to Susan. Under these circumstances:
A. if Susan dishonors the note Robin can hold Jack secondarily liable without giving him notice of the dishonor.
B. if Susan dishonors the note, Robin cannot sue Susan on the basis of her maker's obligation.
C. if Susan dishonors the note, Robin cannot hold Jack secondarily secondarily liable on his indorsement.
D. if Susan pays Robin the $1,000 and accrued interest, she can have Robin mark it "paid" and give it back to her.
Answer
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