1. The Triffin v. Somerset Valley Bank case is based on the _____.

shelter rule

imposter rule

dishonest employee rule

fictitious payee rule

general rule on forged indorsements

2. Which of the following stands true for personal defense?

Personal defense is good against a holder in due course.

Forgery is a personal defense to an action by a holder in due course.

A holder in due course is not subject to the obligor's personal defenses.

Fraud in the execution is a personal defense against any holder, including a holder in due course.

If the holder knows that a note has already been paid, she cannot enforce it. This is a personal defense.

3. New Cuisine Café files a suit in a state court against Olive Oil Inc., alleging a breach of contract. The case proceeds to trial, after which the court renders a verdict. If New Cuisine decides to appeal to a state appellate court, its attorney must file, with the clerk of the appellate court, within a prescribed period of time?

a. an explanation for the verdict.

b. a brief including the arguments of both parties.

c. a statement of the grounds for reversal.

d. a copy of the record on appeal.