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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Definitions:

Northern Business Interests

Economic activities and investments primarily based in the Northern United States, historically associated with industrialization and commerce.

Civil War

In the United States, this term commonly refers to the conflict fought from 1861 to 1865 between the Northern states (Union) and the Southern slave states that seceded and formed the Confederacy.

Slavery Question

The historical debate and conflict over the ethics, legality, and economics of slavery, especially prominent in the United States up to the Civil War.

Jefferson Davis

The President of the Confederate States of America during the American Civil War, serving from 1861 until its dissolution in 1865.