What rights if any does stephanie acquire in the instrument

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Margarita executed and delivered to Poncho a negotiable promissory note payable to the order of Poncho as payment for one hundred bushels of wheat Poncho had sold to Margarita. Poncho indorsed the note ‘‘Pay to Randy only, (signed) Poncho'' and sold it to Randy.

Randy then sold the note to Stephanie after indorsing it ‘‘Pay to Stephanie, (signed) Randy.'' What rights, if any, does Stephanie acquire in the instrument?

Reference no: EM131388961

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