Kris Transfers a Note, on Which Liu Is the Maker

question 53

Multiple Choice

Kris transfers a note, on which Liu is the maker, to Mia, who takes it for value and in good faith. Mia knows that Kris breached the contract underlying the note, giving Liu a defense against payment. With respect to this note, Mia is

• A) a knowledgeable holder in due course.
• B) an ordinary holder.
• C) an ordinary holder in due course.
• D) a knowledgeable acceptor.

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