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Question
When a person who has been a party to the negotiable instrument takes it again, then an instrument is said to have been a/an -.
When a person who has been a party to the negotiable instrument takes it again, then an instrument is said to have been a/an -.
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Solution
The correct option is D Negotiated back
Where an instrument is negotiated back to a prior party, the holder can enforce payment against all intermediate parties to whom the holder was not liable as prior party as, for example, where the prior endorsement was without recourse.
Where an instrument is negotiated back to a prior party, the holder can enforce payment against all intermediate parties to whom the holder was not liable as prior party as, for example, where the prior endorsement was without recourse.
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