Lesson 1, Topic 1 of0

13.5 Obligations of the parties

Drawer (maker) obligations

  1. Making the promise or order
  2. Signing the instrument
  3. Ensuring sufficient funds
  4. Delivery to the payee or holder

Drawee obligations

  1. Acceptance (in the case of bills of exchange)
  2. Payment
  3. Notice of dishonor