21. Bill, an accountant, gives his nephew Tad a check for $500 as a graduation present. The check was given to Bill as payment for work to be done for a client. Bill, who indorses the check "without recourse," knows that the work has not yet been done, but Tad does not. Who, if any one, is an HDC of the check ? a. Bill but not Tad. b. Tad but not Bill. c. Bill and Tad. d. neither Bill nor Tad. 23. City Investment Company signs a check payable to Downtown Lenders, Inc., to buy a promissory note executed by Eagle Corporation. This check a. does not constitute sufficient consideration for HDC status. b. does not satisfy the value requirement for HDC status. c. satisfies the consideration requirement for HDC status. d. satisfies the value requirement for HDC status. 24. Adam buys a time instrument from Britney the day after its express due date. Adam is on notice that the instrument a. has been dishonored. b. is no longer negotiable. c. is overdue. d. is payable immediately.