Several years back,while Tommy was still in school,he mowed the lawn of widow Jerome's large estate.Since she could not pay Tommy in cash,she gave him 100 bearer bonds of the Delray Corp.Tommy believes he will be able to cash in on these bonds because he

Question

Quizplus · Accepted Answer

Tommy is considered an innocent holder for value since he received the bonds in exchange for services rendered and had no reason to suspect they were obtained fraudulently. As an innocent holder for value, he has the right to enforce the bonds and is not subject to any real defenses such as forgery. The fact that Mrs. Jerome is deceased does not affect his rights as a holder.

Several Years Back,while Tommy Was Still in School,he Mowed the Lawn