Dad has a negotiable instrument that he gives to his daughter as a birthday present.Dad is a holder in due course of that instrument.Circumstances arise such that the daughter can collect that instrument only if she has holder in due course status.Which of the following best describes this situation?
A) The daughter is not a holder in due course,so she cannot collect on this instrument.
B) The daughter qualifies as a holder in due course,so she can collect on this instrument.
C) The daughter does not qualify as a holder in due course,but she can claim the holder in due course status of her father and collect the instrument.
D) The shelter provision cannot apply to the daughter in this situation.
Correct Answer:
Verified
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