Description
Reggie Bluiett worked at the Silver Slipper Gambling Hall and Saloon. She received her weekly paycheck made out to her from the Silver Slipper. She indorsed the check in blank and left it on her dresser at home. Fred Watkins broke into Bluiett's house and stole the check. Watkins took the check to the local auto store, where he bought two tires at a cost of $71.21. He obtained the balance of the check in cash.
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Explanation & Answer
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Holder in due course discussion
Issue: Did the local auto store receive the check for a value in good faith without noticing it
being overdue, dishonored, or unauthentic?
Rule: A person who qualifies as a holder in due course ger the rights of the ho...