I.

1) D
2) C
3) B
4) C
5) B
6) C
7) D
8) A
9) C
10) C
11) C
12) C
13) A
14) A
15) D
16) C???

II. 17) B

III. 18) TRUE

19) TRUE
20) FALSE (OR EACH INDORSER)
21) FALSE
22) TRUE

IV. 23) FALSE – Payment by an accommodation party does not discharge the
instrument. The reason behind this is that if payment is not made by the principal
debtor, such payment only cancels the liability of the payor and those obligated
after him but does not discharge the instrument. ?????!!!!

24) FALSE – The accommodation party after payment can only seek reimbursement
from the accommodated party. The accommodated party shall reimburse the
accommodation party because the former has impliedly agreed to take up the
instrument at maturity and to indemnify the accommodation party against the
consequences of non-payment. ?????!!!!