chapter 2 - this instrument, what will be the result? ....

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Sonny has a negotiable instrument which he gives to Cheryl as a birthday present. Sonny is a holder in due course on the instrument. As it turns out, Cheryl can only collect on the instrument if she has holder in due course status. If Cheryl sues to collect
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Unformatted text preview: this instrument, what will be the result? . Correct Answer: Although Cheryl does not qualify as a holder in due course, she can claim the holder in due course status through Sonny and collect the instrument....
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This note was uploaded on 06/17/2011 for the course ECON 140 taught by Professor Busness140 during the Spring '11 term at Alexandria Technical College.

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