If a Holder Learns of a Defense After Acquiring an Instrument

question 29

True/False

If a holder learns of a defense after acquiring an instrument, the knowledge works retroactively to destroy the holder's character as a holder in due course.

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Definitions:

Soviet Union

A former federation of communist republics that existed from 1922 to 1991, officially known as the Union of Soviet Socialist Republics (USSR).

U.S. Economy

The economic system of the United States, characterized by a mixed economy with a high level of output, technological innovation, and a diverse industrial base.

Efficiency

The optimal use and allocation of resources to produce the maximum amount of goods and services with minimal waste.

Equity

The concept of fairness in economics, typically referring to ownership interest in a company or property, or the idea of justice in distribution of wealth or resources.