Jake signed and delivered a negotiable promissory note payable to Nancy.Nancy negotiated the note to Fred.Fred now has the same legal status as an assignee of a contract.

Question

Quizplus · Accepted Answer

Fred, as the holder of a negotiable instrument (the promissory note), has rights and privileges beyond those of an assignee of a contract, including the ability to enforce the note free from many defenses that could be raised against the original payee.

Jake Signed and Delivered a Negotiable Promissory Note Payable to Nancy.Nancy