FIGURE 22.1
         Liability on an Instrument
    NATURE OF LIABILITY AND STATORY REFERENCES

PARTY       LIABILITY        REFERENCES
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Issuer      Absolute         UCC 3-412

Drawee      Conditioned      UCC 3-408, 3-413(a)
            on Acceptance

Drawer      Conditioned on   UCC 3-414
            dishonor, 
            discharged upon
            bank acceptance

Indorser    Conditioned on   UCC 3-415
            dishonor, 
            discharged upon
            bank acceptance
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