Edie Is the Payee of a Bearer Instrument-A Promissory Note

question 36

Multiple Choice

Edie is the payee of a bearer instrument-a promissory note in the amount of $1,000. Frank offers to irrigate Edie's ranch next week in ex?change for the note. Edie agrees and delivers the note to Frank. Frank is

• A) an HDC, because he promised to perform services at a future date.
• B) an HDC, because the transferor was the original payee on the note.
• C) not an HDC, because he did not acquire the instrument in good faith.
• D) not an HDC, because he did not yet give value for the instrument.

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