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On February 15, 2009, P.D. Stone obtained the following instrument from Astor Co. for $1,000. Stone was aware that Helco, Inc. disputed liability under the instrument because of an alleged breach by Astor of the referenced computer purchase agreement. On March 1, 2009, Willard Bank obtained the instrument from Stone for $3,900. Willard had no knowledge that Helco disputed liability under the instrument. If Willard Bank demands payment from Helco and Helco refuses to pay the instrument because of Astor's breach of the computer purchase agreement, which of the following statements would be correct? Helco will be liable to Willard Bank because Willard Bank is a holder in due course. Stone will be the only party liable to Willard Bank because he was aware of the dispute between Helco and Astor. Helco will not be liable to Willard Bank because of Astor's breach. Willard Bank is not a holder in due course because Stone was not a holder in due course. |