On August 10, 2009, Theta Electronic Laboratories, Inc., executed a promissory note to George and Marguerite Thomson. Three other individuals, Gerald Exten, Emil O’Neil, and James Hane, and their wives also indorsed the note. The note was then transferred to Hane by the Thomsons on November 26, 2010. Although a default occurred at this time, it was not until April 2012, eighteen months later, that Hane gave notice of the dishonor and made a demand for payment on the Extens as indorsers. Are the Extens liable under their indorser’s liability?