What rights if any does tate acquire in the promissory note

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Simon Sharpe executed and delivered to Ben Bates a negotiable promissory note payable to the order of Ben Bates for $500. Bates indorsed the note, ‘‘Pay to Carl Cady upon his satisfactorily repairing the roof of my house, (signed) Ben Bates,'' and delivered it to Cady as a down payment on the contract price of the roofing job.

Cady then indorsed the note and sold it to Timothy Tate for $450. What rights, if any, does Tate acquire in the promissory note?

Reference no: EM131386834

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