Tate and Fitch were longtime friends. Tate was a man of considerable means; Fitch had encountered financial difficulties. To bolster his failing business, Fitch desired to borrow $6,000 from Farmers Bank of Erehwon. To accomplish this, he persuaded Tate to aid him in the making of a promissory note by which it would appear that Tate had the responsibility of maker, but with Fitch's agreeing to pay the instrument when due. Accordingly, they executed the following instrument: December 1, 2011 Thirty days after date and for value received, I promise to pay to the order of Frank Fitch the sum of $6,600. /s/ Timothy Tate On the back of the note, Fitch indorsed, ‘‘Pay to the order of Farmers Bank of Erehwon /s/ Frank Fitch'' and delivered it to the bank in exchange for $6,000.

(a) If the note is not paid at maturity, may the bank, without first demanding payment by Fitch, recover in an action on the note against Tate?

(b) If Tate voluntarily pays the note to the bank, may he then recover on the note against Fitch, who appears as an indorser?