What are the rights of Brace against Forgel on instrument

Reference no: EM133223907

Question - Horace Brace has in his possession the following instrument:

November 1, 2017 I, Walter Forgel, hereby promise to pay Charles Smidlap ONE THOUSAND DOLLARS ($1,000.00) one year after date. This instrument was given for the purchase of FIVE HUNDRED (500) shares of Beefstake Mining Corporation. Interest at 10 percent. [Signed] Walter Forgel

Horace Brace purchased the instrument from Charles Smidlap at a substantial discount. Smidlap specializes in the sale of counterfeit mining stock. Walter Forgel is one of his innocent victims. What are the rights of Brace against Forgel on the instrument? Explain.

Reference no: EM133223907

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