Fenna Created a Promissory Note for $10 000 That Was

question 32

Multiple Choice

Fenna created a promissory note for $10 000 that was payable to the order of Mark.She delivered that instrument to him.Mark is indebted to Muriel for $10 000.He wants to discharge that debt by allowing Muriel to receive payment under the note that Fenna created.Muriel is unsure whether Fenna or Mark would be capable of actually paying $10 000 if asked to do so.However, Muriel is confident that Mark's brother, Cameron, is capable of paying $10 000.Which of the following statements is TRUE?

• A)Mark is not entitled to negotiate Fenna's note to Muriel if that note is payable on demand.
• B)Muriel's wishes can be satisfied by the creation of a special endorsement by Mark and an accommodation endorsement by Cameron.
• C)Muriel's wishes can be satisfied by the creation of a special endorsement by Mark and an identifying endorsement by Cameron.
• D)Muriel's wishes can be satisfied by the creation of a special endorsement by Mark and an accommodation endorsement by Fenna.
• E)Cameron cannot be held liable unless he becomes the holder of the note at some point.

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