Question: Requirements for HDC Status. Deola Bishop sold her home in Cameron County, Texas, to Cristobol and Juana Elisa Gonzalez in 1998. The Gonzalezes signed a note for $76,500 payable to Bishop. In January 2000, Bishop saw a newspaper ad in which American Notice Investments, Inc. (ANI), was soliciting such notes (ANI was in the business of buying notes at a discount). Bishop responded to the ad. ANI contacted First National Acceptance Co. (FNAC) to borrow the funds to make the purchase. FNAC approved the deal. ANI sent the note to FNAC, which authorized payment to Bishop on the note. ANI did not pay Bishop, however, before it ceased doing business. FNAC also did not pay Bishop, refused to return the note, and told the Gonzalezes to make their payments on the note to FNAC. Bishop and the Gonzalezes filed a suit in a Texas state court against FNAC, contending, in part, that Bishop was entitled to the note. FNAC asserted that it was a holder in due course (HDC). What is the reason for the HDC doctrine? What are the requirements for HDC status? Does FNAC qualify? Discuss. [First National Acceptance Co. v. Bishop, 187 S.W.3d 710 (Tex.App.-Corpus Christi 2006)]