Fact Pattern 26-1B
Jake is the maker of a $2,000 promissory note payable to Kim.Kim indorses the note to Lyron who,in turn,indorses it to Mona,who then in?dorses it to Neville,the present holder.
-Refer to Fact Pattern 26-1B.Neville properly pre?sents the note to Jake for pay?ment,but Jake dishonors it.With timely notice to the proper parties,Neville may collect payment on the note from
A)Kim,Lyron,or Mona.
B)Kim or Lyron only.
C)Mona only.
D)no one.

Question

Fact Pattern 26-1B 
Jake is the maker of a $2,000 promissory note payable to Kim.Kim indorses the note to Lyron who,in turn,indorses it to Mona,who then in?dorses it to Neville,the present holder.
-Refer to Fact Pattern 26-1B.Neville properly pre?sents the note to Jake for pay?ment,but Jake dishonors it.With timely notice to the proper parties,Neville may collect payment on the note from
A)Kim,Lyron,or Mona.
B)Kim or Lyron only.
C)Mona only.
D)no one.

Quizplus · Accepted Answer

Because Neville is the current holder of the note, he can seek payment from any of the prior endorsers, including Kim, Lyron, or Mona. However, he must provide timely notice of dishonor to these endorsers.