Fact Pattern 24-1 (Questions 27-28 apply)
Jake is the maker of a $2,000 promissory note payable to Kim.Kim indorses the note to Lou who,in turn,indorses it to Mona,who then in?dorses it to Nat,the present holder.
-Refer to Fact Pattern 24-1.Nat properly pre?sents the note to Jake for pay?ment,but Jake dishonors it.With timely notice to the proper parties,Nat may collect payment on the note from

Question

Quizplus · Accepted Answer

Because the note was properly endorsed to Nat, as the present holder, Nat has the right to collect payment from any of the previous endorsers, including Kim, Lou, or Mona. With timely notice to these parties, Nat can hold them liable for the amount of the note.

Fact Pattern 24-1 (Questions 27-28 Apply)