Did bank give value so as to qualify as holder in due course

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Reference no: EM131517092

Siegman, a diamond merchant, issured a nore for diamonds purchased. The seller indorsed the note to a bank "as collateral for his pre-existing obligations to the banks and as collateral for the diamonds shipped to defendants. " Did the bank give value so as to qualify as a holder in due course? Explain.

Reference no: EM131517092

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