Carmen Needs Quick Cash, So She Hits Upon a Scheme

Carmen needs quick cash, so she hits upon a scheme.She tells Frank she's collecting for Laotian refugees.Frank writes a check for $100 payable to the order of Carmen.Carmen indorses the check and delivers it to Joanne, who doesn't know of Carmen's scam, for $90 cash.Joanne gives it to Margaret as a present.Frank discovers Carmen's deception and refuses to pay Margaret.Will he win?

A) No, because Margaret is a holder in due course.
B) No, because of the shelter rule.
C) Yes, since Margaret did not take the check for value.
D) Yes, since the check was not negotiated to Margaret.