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Negotiable instruments article of the ucc

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Hall forged Crandall's signature on a promissory note dated April 1, Year 3. The note was for $5,000 and was payable to bearer on demand. Hall offered to sell the note to Corn for $4,000. Corn knew that Crandall had been out of the country since Year 1. In addition, Corn knew that Crandall's name and signature were misspelled, and that Hall had a questionable reputation. Despite this, Corn purchased the note for $4,000. Under the Negotiable Instruments Article of the UCC, what are Corn's rights under the note?

  1. Corn is a holder in due course and may enforce the note against Hall and Crandall.
  2. Corn is a holder in due course under the shelter rule and may enforce the note only against Hall.
  3. Corn is a holder and may enforce the note against Hall.
  4. Corn is a holder and may enforce the note against Crandall.

Reference no: EM131096675

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