Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dennis Barker breaks into Frank McClanahan's office and steals the following negotiable instruments: a check made payable by Frank to the order of Frances Sweeney

Dennis Barker breaks into Frank McClanahan's office and steals the following negotiable instruments: a check made payable by Frank "to the order of Frances

Sweeney" in the amount of $500; a promissory note made payable by Frank "to bearer" in the amount of $1, 000; and a check made payable by Mike Murphy "to the order of Frank McClanahan" in the amount of $750(Frank has signed only his name on the back of the instrument). Dennis sells all three instruments to Betty Benson for $1, 750. Betty has no idea that the instruments are stolen. She accepts delivery of the instruments, not realizing that Dennis has forged Frances Sweeney's indorsement on the check made payable to Frances order. Was Dennis Barker a "holder of the instruments? Is Betty Benson a "holder" of the instruments? Can Betty collect payment of the instruments despite the fact that they were stolen from Frank McClanahan? Explain your answers fully.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Law questions

Question

A. Did you present the facts correctly?

Answered: 1 week ago

Question

1. In what ways has flexible working revolutionised employment?

Answered: 1 week ago