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Fred Anchor is the holder of the following check:
The check is endorsed on the back as follows:
Jacobs gave the check to his son as a gift, who transferred it to Anchor for $78.00. Which of the following statements is correct? A. Anchor does not qualify as a holder because less than full consideration was given for the check. B. The check is bearer paper in Jacobs’ son’s hands. C. Nix’s endorsement was required to negotiate the check to any subsequent holder. D. The unqualified endorsement of Jacobs was necessary in order to negotiate the check to his son. |