Business, 05.06.2020 16:57 makennahudson94

Marissa gives Larry a check made payable to cash in payment for a computer that she is buying from him. Larry then gives the check to his
nephew, Gary Graduate, without indorsing it, as a graduation gift. Marissa
then stops payment on the check because she claims that Larry breached the
contract. When the check bounces, Gary makes a claim against Marissa for
the amount of the check. Marissa responds that Gary cannot collect on the
check since he is not a holder because Larry never indorsed the check to
him. Which statement is true?

1.Gary is at least a holder
2.Gary is not a holder or holder in due course because the check was never indorsed
3.Gary is not a holder or holder in due course because of the shelter principal
4.Gary is not a holder or holder in due clause because Larry breached the contract

Answers: 3

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