Question
Mark issued a complete bill of exchange. However, he did not intend to deliver it to anyone yet so he kept it in his office
Mark issued a complete bill of exchange. However, he did not intend to deliver it to anyone yet so he kept it in his office drawer. Somehow, Diane was able to take it and indorsed it to Althea. Althea did not know that Diane just took it without Mark's consent, thus she is a holder in due course. Althea now demands payment from Mark. Can Mark raise the defense against Althea that a complete instrument was made but it was taken without his consent? Yes or No? Explain.
NOTE: State the legal basis when explaining your answer. (Ex. According to Section 58...)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started