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.Suppose that Mona pays Nat on the note.With timely notice to the proper parties,Mona may collect payment on the note from

Question

Quizplus · Accepted Answer

Mona, as an indorser who paid the note, can seek reimbursement from any prior indorsers or the maker of the note, which includes Jake, Kim, or Lou.

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