The possessor of a piece of commercial paper has an unconditional right to be paid,so long as:

Question

Quizplus · Accepted Answer

All of the choices are correct. In order for the possessor of a piece of commercial paper to have an unconditional right to be paid, the paper must be negotiable, it must have been properly negotiated to the possessor, and the issuer cannot claim a valid defense. Therefore, all options are necessary for the possessor to have an unconditional right to payment.

The Possessor of a Piece of Commercial Paper Has an Unconditional