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Greg sold Mitch a fishing boat for $8,500, maintaining to Mitch that the boat was in excellent condition. Mitch gave Greg a check for $8,500,
Greg sold Mitch a fishing boat for $8,500, maintaining to Mitch that the boat was in excellent condition. Mitch gave Greg a check for $8,500, which Greg endorsed and gave to Denise in exchange for a debt he owed her. When Mitch took his friends out on the boat, he discovered that the boat leaked, needed to be painted, and required a new motor. Mitch stopped payment on the check, which had not yet been cashed.
- Describe the status of Greg and Denise as holders or holders in due course.
- Can Denise recover from Mitch as a holder in due course? Discuss
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