Question: TIP Tech receives a loan from Big Bank for $ 1 1 million and signs a promissory note promising to pay Big Bank the entire

TIP Tech receives a loan from Big Bank for $

11

million and signs a promissory note promising to pay Big Bank the entire principal amount plus $

75, 000

interest in one year. Big Bank sells the loan to Little Bank, so it indorses the instrument and delivers it to Little Bank. In this situation, primary liability, and

has has secondary liability.

TIP Tech receives a loan from Big Bank for $11 million

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