What Is the Effect of the Designation,"Bill Brown,without Recourse

What is the effect of the designation,"Bill Brown,without recourse?"

A) It has no effect on any subsequent holder.
B) It has no effect on anyone, including, but not limited to, any subsequent holder.
C) It means that Bill Brown does not provide any guarantees and that if the instrument is later dishonored, he cannot be held liable.
D) It means that Bill Brown is providing that any subsequent holder cannot be held liable.
E) Bill Brown is providing that neither he nor the person who transferred the instrument to him cannot be held further liable to any subsequent holder.