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| Archer has in his possession a bearer negotiable instrument. He took it by negotiation from Perth who had stolen it from Cox’s office along with cash and other property. The robbery of Cox’s office had received appropriate coverage in the local papers in the area in which both Archer and Cox reside. Archer did not know that Perth had stolen the instrument when he purchased it at a 20% discount. Cox refuses to pay and Archer has commenced legal action asserting that he is a holder in due course. Which of the following statements is correct? A. Archer is a holder in due course and will prevail. B. The discount in and of itself prevents Archer from qualifying as a holder in due course or at least prevents him from so qualifying as to the 20%. C. Even if all other requisites are satisfied, Archer’s title is defective in that there was no delivery by Cox of the instrument. D. Archer is prevented from qualifying as a holder in due course because there had been general notice published in the community about the robbery. |