Question 25:

Please see attached and for each one select either A, B or C accordingly.

Dan writes a check to Sam. Sam indorses the back by writing "pay to Lisa" and signing his name. He delivers the check to Lisa. Lisa hands the check to Smittie who signs the back and deposits it in his bank. What type of liability do Dan, Sam, Lisa and Smittie have? Dan A. Secondary Signature Liability and Transfer Warranty Liability Sam B. Transfer Warranty Liability V Lisa C. Secondary Signature Liability and Presentment v Smittie Warranty Liability