Charles executes a note payable to Hilarie for $1,000 for goods she purchased from him.Hilarie transfers the note to Lucas,who pays $850 for the note.By doing this,which requirement for acquiring the holder in due course status does Lucas meet?
A) taking for value
B) taking in good faith
C) taking without notice
D) taking where there is no evidence of forgery, alteration, or irregularity

Question

Quizplus · Accepted Answer

Lucas meets the "taking for value" requirement because he paid $850 for the note, which is a consideration.

Charles Executes a Note Payable to Hilarie for $1,000 for Goods