Under the UCC,a Holder in Due Course Is a Holder

question 27

Multiple Choice

Under the UCC,a holder in due course is a holder who has given value for the instrument.Which of the following holders have given value for the instrument?

• A)Beth promises to paint the neighbor's house in exchange for a promissory note as an advance payment for the job.
• B)Steve gives a note and mortgage on his house to his attorney as a retainer to handle his pending divorce.
• C)Todd, a newspaper carrier, accepts a properly indorsed two-party check for the past two months of deliveries.
• D)All of the above are correct.

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Definitions:

Research

The systematic investigation into and study of materials and sources in order to establish facts and reach new conclusions.

Silence

The absence of any sound, often creating a context for reflection, meditation, or peace.

Cookie

A small, sweet baked treat, often made with flour, sugar, and butter, and sometimes containing chocolate chips, nuts, or other ingredients.

Large Fine

A significant monetary penalty imposed as punishment for a violation or infringement of laws or regulations.