Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson

تمرين 27

Negotiable Instruments
Regent Title Insurance Agency, LLC (Regent), served as settlement agent for real estate closings, cutting checks to distribute funds to the appropriate parties. On several occasions, Charae Pearson brought Regent checks to New Randolph Halsted Currency Exchange, Inc. (Randolph), and Randolph cashed them. Pearson then brought a check to Randolph made payable to "CHAREA PAERSON" which was for ten times more than any other check Randolph had cashed for Pearson, and required manager approval. Randolph cashed the check after checking both Pearson's state identification and check cashing history with Randolph, and calling Regent to confirm the transaction. After Pearson was arrested for check fraud, Regent told its bank to stop payment. Randolph sued. Was Randolph a holder in due course entitled to payment? [ New Randolph Halsted Currency Exchange, Inc. v. Regent Title Insurance Agency, LLC, 939 N.E.2d 1024 (Ill. App.)]