Owen is a holder of a promissory note obtained from Purchase Money, Inc. Regarding the defenses against payment of the note to which Purchase Money is subject, Owen, as an ordinary holder, is subject to:
a. more defenses
b. the same defenses
c. some defenses, but not as many
d. no defenses
Sally wants to transfer a check to Joe. The check is defective if it:
a. is undated
b. contains handwritten terms
c. is clearly stamped "insufficient funds"
d. all of the above
e. none of the above
Beth, an accountant for Credits and Debits, acquires a negotiable instrument from Ellen by promising to pay its face value in thirty days. Beth acquires the status of a HDC when she:
a. agrees with Ellen to buy the negotiable instrument
b. pays the face value due on the instrument
c. transfers the instrument to another party
d. acquires possession of the negotiable instrument
e. none of the above