Where neither Smith nor Jones are mere holders, Smith may successfully raise a defect of title defence, Jones must be an endorser.

Question

Quizplus · Accepted Answer

If Smith is not a mere holder, then he must have some rights in the instrument. If Jones is not a mere holder, then he must have some rights in the instrument. If Smith has rights in the instrument, then he can raise a defect of title defense. If Jones has rights in the instrument, then he must be an endorser.

Where Neither Smith nor Jones Are Mere Holders, Smith May