Jerry Hall Makes Out a Note for $100 in Such

question 17

Multiple Choice

Jerry Hall makes out a note for $100 in such a way that someone could alter it to read $100,000.Someone alters the note and negotiates it to Pete Mason,who can qualify as a holder in due course.Which of the following statements is true for this situation?

• A) Jerry shall share the loss with the bank where she holds an account.
• B) Jerry does not have to pay Pete who currently possesses the note.
• C) Pete can collect $10,000 from the person who "raised" the note.
• D) Pete can collect $10,000 from Jerry.

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