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Question
Mike signs a note payable to a bank. The bank indorses and negotiates the note to Fay, who then indorses and negotiates it to Sam. Sam presents the note to Mike, who dishonors it. Then Sam decides to pursue Fay and the bank on their secondary indorsers' liability. Against whom can Sam proceed?
A. Fay.
B. The bank.
C. Both Fay and the bank.
D. Neither Fay nor the bank.
Answer
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