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Mary Sue is scolded by her father when she comes in late for her curfew, while her friend Patti is grounded for two weeks by her father for missing her curfew.Both teens received
Shelter Principle
The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC), but who derives his or her title through an HDC, acquires the rights of an HDC.
HDC Status
HDC status refers to being recognized as a Holder in Due Course, which grants certain legal protections in the context of financial instruments, emphasizing good faith acquisition and the absence of knowledge of defects.
Holder
An individual or entity that legally possesses a negotiable instrument, like a check or a bill of exchange.
Notice
A formal indication or announcement given by one party to another regarding a legal obligation or process.
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