This podcast discusses the basics of who is liable on a negotiable instrument and to whom. Why is this important? Oftentimes an examination question will simply ask who’s liable. It is important to use the correct legal terminology when describing responsible parties and claims and to organize claims either by responsible party or the party making the claim. In this podcast we will look at responsibility of drawers, makers, drawee banks, depository banks, indorsers, transferees and presenters. The podcast will examine the three steps of analysis necessary to determine whether a party has liability on an instrument. At the conclusion of this podcast, you should be able to (1) describe who has liability on an instrument; and (2) describe to whom such liability is owed.