Cecilia Made a Check Out to Gideon for $15

question 7

Multiple Choice

Cecilia made a check out to Gideon for $15.Gideon fraudulently changed the check to read $150,and cashed it at Corner Bank.Is Cecilia discharged from liability on the check?

• A)Yes, Cecilia owes nothing on the check because alteration of a check is a real defense and real defenses are good even against holders in due course.
• B)No, Cecilia pays $150 because of the impostor rule.
• C)No, Cecilia pays $150 because she in not an indorser or accommodation party.
• D)Yes, Cecilia owes nothing unless Corner Bank is a holder in due course in which case she owes the original $15.

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