No. 111

DIANA DAVIDSON

21 West 21st Street

Toronto, Canada

April 1, 1977

Pay to the order of Stanley Stark $1,000.00

One thousand & no/100's Canadian Dollars

Diana Davidson

FIRST NATIONAL TRUST

Buffalo, New York

For Finder's Fee

After examining the above instrument, which of the following conclusions is correct?

a. It is nonnegotiable because it is payable in Canadian money.

b. It is a demand instrument but does not qualify as a negotiable instrument, because it is drawn in Canada and payable by a bank in the United States.

c. The instrument is a negotiable foreign check (draft), and in the event of dishonor a formal protest must be made by the party seeking recovery.

d. Diana Davidson is the maker of the instrument and as such is primarily liable thereon.