A 5000 promissory note payable to the order of neptune is, Ask an Expert

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A $5,000 promissory note payable to the order of Neptune is discounted to Bane by blank endorsement for $4,000. King steals the note from Bane and sells it to Ott, who promises to pay King $4,500. After paying King $3,000, Ott learns that King stole the note. Ott makes no further payment to King. Ott is

A. A holder in due course to the extent of $3,333.

B. A holder in due course to the extent of $5,000.

C. An ordinary holder to the extent of $0.

D. An ordinary holder to the extent of $4,500.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9440130

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