Bowie is a holder of a promissory note obtained from Credit Lenders, Inc. Regarding the defenses against payment of the note to which Credit Lenders is subject, Bowie, as an ordinary holder, is subject to
A) more defenses.
B) no defenses.
C) some defenses, but not as many.
D) the same defenses.

Question

Quizplus · Accepted Answer

As an ordinary holder, Bowie is subject to the same defenses that Credit Lenders, Inc. would have been subject to if they were the ones holding the promissory note. This means that Bowie cannot claim superior rights to the note and is not exempt from any of the defenses that could be raised against Credit Lenders.

Bowie Is a Holder of a Promissory Note Obtained from Credit