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| Calhoun has in his possession a negotiable instrument which was originally payable to the order of Bannister. It was transferred to Calhoun by a mere delivery by Travis, who took it from Bannister in good faith in satisfaction of an antecedent debt. The back of the instrument read as follows, "Pay to the order of Travis in satisfaction of my prior purchase of a used IBM typewriter, signed Bannister." Which of the following is correct? A. Bannister’s endorsement was a special endorsement; thus, Travis’ signature was not required in order to negotiate it. B. Calhoun is a holder in due course. C. Travis’ taking the instrument for an antecedent debt prevents him from qualifying as a holder in due course. D. Calhoun has the right to assert Travis’ rights, including his standing as a holder in due course and also has the right to obtain Travis’ signature. |