Bankruptcy is a universal defense. In a jurisdiction that states that all contracts by minors are void a defense of minority against payment of a negotiable instrument will be a personal defense. Buying a negotiable instrument at a judicial auction is considered value for purposes of becoming a Holder in due Course. A holder does not take an instrument for value if he or she gives a negotiable instrument as payment. For an ordinary holder become an HDC, the holder must have acted honestly in the process of acquiring the instrument. An ordinary holder can recover nothing on an instrument that has been materially altered. Personal defenses are used to avoid payment to an ordinary holder of a negotiable instrument, but not to an HDC or a holder through an HDC. Joe leaves his checkbook in safe that is locked and he leaves the stamp that he uses to sign checks in a different locked safe. Someone breaks in, torches both safes and pets the checkbook and stamp. When the forged checks come in, Joe has a defense against payment that is; a. a personal defense b. not going to be upheld by a court c. a universal defense d. an indorsement Seymour writes a check on his account at Platinum Bank to Teri to pay a debt, Teri negatives the check by indorsement to Rosanna, who presents it for payment to Oays Bank. Teri is a. not liable for payment under any circumtances, b. primarily liable c. secondarily liable d. simultaneously liable. Refer to Fact Pattern directly above. If Oays Bark dishonors the check, Rusana can obtain payment from Teri a. If Rosana timely notifices Teri. b. only if Seymour refuses to pay the check. c. under any circumtances. d. under no circumtances. To borrow the money to buy a car, Klaus signs a note "payable to the order of Lake City Auo Financing" Minnie cosingns the note to guarantee the repayment of the loan Minie's liability on this note is a. lateral b. primary c. secondary d. tertiary Chris tricks Dion, who does not understand English, to sign as $1,000 that Dion believes is an application for a credit card. Chris negotiates the note to EZ Finance Company. Dion a. can avoid payment on the note even if EZ is an HDC. b. can avoid payment on the note only if EZ is a holder. c. must pay EZ the amount that it paid for the note. d. must pay the note in