Question: At the end of January 2001, while cleaning out his self-storage locker, Kim Griffith found a certificate of deposit purportedly issued by Mellon Bank, N.A., of Pittsburgh, Pennsylvania, on July 3, 1975, for the amount of $530,000 plus interest to be payable to bearer on August 4, 1975. The CD was in one of several books Griffith had purchased from an unnamed buyer. On its face, the certificate of deposit had not been marked paid. On August 15, 2002, more than a year after finding the certificate of deposit, Griffith presented it for payment in person at a Mellon Bank office in Pennsylvania.

Mellon refused to honor the certificate of deposit, arguing that because the bearer certificate of deposit matured 27 years earlier, the certificate was questionable on its face and thus was not genuine. On the basis of Mellon's refusal to honor the certificate of deposit, Griffith filed suit against Mellon. Mellon argues that it has no records of the CD as not being paid and that, under Pennsylvania law, it falls to Griffith to prove nonpayment. Griffith argues that he is a holder in due course and is entitled to payment regardless of any possible defenses Mellon might raise. Is Griffith a holder in due course? Should he be able to collect on the CD? Why or why not?