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A bank issues a note to a company, and neither party noticed there is a typo in the amount. The note mistakenly says that $100,000
A bank issues a note to a company, and neither party noticed there is a typo in the amount. The note mistakenly says that $100,000 will be paid back rather than $10,000.
Say the bank sells this note to a Holder in Due Course.
Would the Company that is obligated to pay back the note have any defense against the Holder in Due Course if they require the company to pay the full $100,000 even though it was a mistype and should have been $10,000?
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