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Tom and Cindy received a $2,000 income tax return check from the IRS payable to Tom and Cindy. Cindy endorsed the check to Friendly Motors

Tom and Cindy received a $2,000 income tax return check from the IRS payable to "Tom and Cindy." Cindy endorsed the check to Friendly Motors as a down payment on a car. Which of the following is true of this situation?

Friendly Motors is the holder of the check

Friendly Motors is a holder in due course

Friendly Motors is the holder and the endorser

Friendly Motors is not the holder of the check

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