When a Negotiable Instrument Is Negotiated by Delivery Without Indorsement

question 33

Multiple Choice

When a negotiable instrument is negotiated by delivery without indorsement, the warranty liability of the transferor runs:

• A) only to the immediate transferee.
• B) not to the immediate transferee, but to all subsequent transferees.
• C) to both the immediate transferee and all subsequent transferees.
• D) neither to the immediate transferee, nor to any subsequent transferees.