A.  Fully describe the commercial paper rules and draw the picture of each transfer and/or negotiation of this paper.  What rights does son have as to payment of the commercial paper? Fully explain the rights and obligations of each purchaser of this paper as described in this question.
B.  What rights and obligations does No Fraud National have in this case, solely dealing with the commercial paper which shows No Fraud National as the payee?

A promissory note was executed by Billy when he bought his house.  He financed the purchase with No Fraud National Bank.  This purchase was in 2017 and the note was for 360 equal monthly payments, with a fixed rate of interest, with the payments due the first of each month, beginning on February 1, 2017.  No Fraud sold the note to Investments, Inc on February 15, 2017.  Investments, Inc sold the note to We Buy Notes on July 1, 2017.  On September 1, 2018, We Buy Notes sold the note to Individual Investor. Individual Investor gave the note to his son on the son’s 21stbirthday on December 10, 2018.  On January 1, 2019 Billy missed his house payment when he lost his job.  He has not made a payment since that time.