Which of the Following Sections of the Uniform Commercial Code

question 66

Multiple Choice

Which of the following sections of the Uniform Commercial Code establishes the four requirements for becoming a holder in due course?

• A)1-202
• B)2-302
• C)2A-302
• D)3-302
• E)4-202

---

Definitions:

Legal Ownership

The formal and legally recognized possession of property, rights, or interests, backed by law.

True Value

Represents the actual, inherent worth of an asset, free from market fluctuations or perceptions.

Gift Causa Mortis

A gift made by someone in contemplation of imminent death, which becomes void if the donor survives.

Lottery Proceeds

The revenue generated from the sale of lottery tickets, often allocated to public sector projects or education.