Negotiation. Sandra Ford signed a note and a mortgage on her home in Westwood, New Jersey, to borrow $403,750 from Argent Mortgage Co. Argent transferred the note and mortgage to Wells Fargo Bank, N.A., without indorsement. The following spring, Ford stopped making payments on the note. Wells Fargo filed a suit in a New Jersey state court against Ford to foreclose on the mortgagethat is, to repossess and auction off Ford's home to obtain the amount due on the note. Ford asserted that Argent had committed fraud in connection with the note by providing misleading information and charging excessive fees. Ford contended that Wells Fargo was subject to these defenses because the bank was not a holder in due course of the note. Was the transfer of the note from Argent to Wells Fargo a negotiation or an assignment? What difference does it make? If Argent indorsed the note to Wells Fargo now, would the bank's status change? Discuss

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