List the Claims and Defenses Available to a Holder in Due

question 1

Essay

List the claims and defenses available to a holder in due course under the Revised Article 3 of the Uniform Commercial Code.

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Definitions:

Financing Statement

A document filed to give public notice of a security interest in personal property, securing payment or performance of an obligation.

Chattel Paper

A document or electronic record indicating both a monetary obligation and a security interest in or a lease of specific goods.

Monetary Obligation

A required payment of money owed by one party to another, typically defined by the terms of a contract or agreement.

Security Interest

A legal claim or lien on collateral or property, given by the borrower to the lender, to secure repayment of a loan.