FOR THE FOLLOWING QUESTIONS, INDICATE ON YOUR TEST QUESTION SHEET WHETHER THE ANSWER IS TRUE OR FALSE.

27. The holder of a promissory note may extend the time for payment indefinitely.

28 Any irregularity on the face of a negotiable instrument that calls into question its validity or terms of ownership or creates an ambiguity, will bar HD C status.

29 A payee or indorsee whose name is mis spelled, can indorse with the mis spelled name, the correct name, or both.

30 When a holder collects the amount of an instrument from an indorser, the indorser has no right of recourse against prior indorsers, the maker or drawer or accommodation parties: