Bruce Acquires a Series of Notes with Successive Maturity Dates

question 27

Multiple Choice

Bruce acquires a series of notes with successive maturity dates that Cody issued on May 15 for a loan from Delta Credit, Inc. At the time of Bruce's acquisition, he learns that Cody defaulted on one of the notes. Bruce is

• A) an HDC if he reacquires the notes after their negotiation to any un?suspecting third party.
• B) an HDC only with respect to the notes on which Cody has not defaulted.
• C) an HDC with respect to all of notes.
• D) not an HDC.

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Definitions:

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