Buying an instrument for a price less than face value means the buyer had notice of a defense or claim against the instrument.

Name: Buying an instrument for a price less than face value means the buyer had notice of a defense or claim against the instrument.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Buying an instrument for less than its face value does not automatically mean the buyer had notice of a defense or claim against it. The price paid does not necessarily reflect knowledge of any issues with the instrument.

Buying an Instrument for a Price Less Than Face Value