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| Train issued a note payable on June 1 to Blake in payment of contracted services that Blake was to perform. Blake endorsed the note “pay to bearer” and delivered it to Reed in satisfaction of a debt owed Reed. On June 3, Reed presented the note for payment to Train. Train refused to pay Reed on the note because Blake had not yet performed the services. Under the Negotiable Instruments Article of the UCC, must Train pay Reed? A. No, Train does not have to pay Reed until the services are performed. B. No, Train does not have to pay Reed because the note was issued to Blake. C. Yes, Train has to pay Reed because Reed was a holder in due course. D. Yes, Train has to pay Reed because the note was converted into bearer paper. |