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Under which of the following circumstances does a holder taking an instrument for value not become a holder in due course? If the holder acquires
Under which of the following circumstances does a holder taking an instrument for value not become a holder in due course?
If the holder acquires a security interest or some other lien in the instrument.
If the holder purchases the instrument at a judicial sale or under legal process.
If the holder takes the instrument for payment of a preceding claim.
If the holder performs the promise for which the instrument was issued.
If the holder exchanges the instrument for an irrevocable obligation to a third party.
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