Fred Farmer Purchased a tractor from Conglomerate, Inc., for $75,680. Fred paid for the tractor with a negotiable note payable to Conglomerate. Conglomerate negotiated the note to the We Get Results Finance Company to satisfy a prior debt. We Get Results negotiated the note to the ASPCA as a charitable donation. Neither We Get Results nor the ASPCA knew anything about the contract between Fred & Conglomerate. When the note came due, Fred refused to pay the ASPCA, alleging that the tractor it purchased from Conglomerate was defective in that the tractor’s only working gear was reverse.

Who is liable for payment on the instrument to the ASPCA?