Owen is a holder of a note obtained from Purchase Money, Inc. Regarding the defenses against payment of the note to which Purchase Money is subject, Owen, as an ordinary holder, is subject to

Question

Owen is a holder of a note obtained from Purchase Money, Inc. Regarding the defenses against payment of the note to which Purchase Money is subject, Owen, as an ordinary holder, is subject to​

Quizplus · Accepted Answer

As an ordinary holder, Owen is subject to the same defenses as Purchase Money, Inc. This means that any defenses that could be raised against the payment of the note by Purchase Money could also be raised against Owen. However, if Owen is a holder in due course, he may have greater protection against certain defenses.

Owen Is a Holder of a Note Obtained from Purchase