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 a holder of a negotiable instrument, has rights that are superior to those of an assignee of a contract, including the right to enforce the note free from many defenses that could be raised against an assignee.

Jake Signed and Delivered a Negotiable Promissory Note Payable to Nancy