Any Person Who Can Trace His Title to an Instrument

question 28

Multiple Choice

Any person who can trace his title to an instrument back to a holder in due course receives rights similar to a holder in due course even if he cannot meet the requirements himself.This is known as the _______.

• A)shelter rule
• B)blue law
• C)FTC rule
• D)irregular paper law

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Definitions:

Par Value

The nominal value of a bond or stock as declared by the issuer, which might not represent its actual market value.

Exchange Rate

The price at which one currency can be exchanged for another currency in the foreign exchange market.

Loss

A financial condition where expenses exceed income, leading to a negative net income.

Euros

The official currency of the Eurozone, used by 19 of the 27 European Union countries.