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Michael issues a negotiable check to Nick, payable to the order of Nick, for a payment for a prior obligation Michael owed to Nick. Nick

Michael issues a negotiable check to Nick, payable to the order of Nick, for a payment for a prior obligation Michael owed to Nick. Nick then delivers the check to Peter, with indorsement, in exchange for 50 shares of publicly-traded stock. How has Nick transferred the check? What rights, if any, does Peter have against Nick?

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