Betty Issues a Note Payable to the Order of John

question 29

Multiple Choice

Betty issues a note payable to the order of John for $2,000.John properly indorses the note,but raises the amount to $20,000,and negotiates it to Mary.On the due date,Mary attempts to collect $20,000 from Betty.Betty refuses to pay.Assuming that Mary is a holder in due course,which parties can Mary recover from in a lawsuit?

• A) $20,000 from Betty; nothing from anyone else
• B) $2,000 from Betty; nothing from anyone else
• C) $2,000 from Betty; $18,000 from John
• D) $20,000 from John; nothing from anyone else
• E) nothing from anyone

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