Roy Rand executed and delivered the following note to Sue Sims: "Chicago, Illinois, June 1, 2014; I promise to pay to Sue Sims or bearer, on or before July 1, 2014, the sum of $7,000. This note is given in consideration of Sims's transferring to the undersigned title to her 2006 Buick automobile. (signed) Roy Rand." Rand and Sims agreed that delivery of the car be deferred to July 1, 2014. On June 15, Sims sold and delivered the note, without indorsement, to Karl Kaye for $6,200. What rights, if any, has Kaye acquired?