Who has liability on the check

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Q. Olga draws a check payable to Sven. Sven indorses the back of the check "without recourse" and negotiates the check to Hansel who in turn negotiates the check by a blank endorsement and delivers the check to Greta. Greta deposits the check in her checking account. If the bank dishonours check because Olga has filed for bankruptcy and returns the check to Greta, who has liability on the check?

Reference no: EM1399390

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