Margo Maker executed and delivered a negotiable promissory note for $10,000 to Acme Bank and Trust. The note, while in Acme's possession, was altered from $10,000 to $100,000. Acme sold the altered note to Wherever Life Insurance Company for $95,000. The endorsement from Acme to Wherever is without recourse. Wherever Life Insurance Company then sells the note to Harrison Holder for $95,000. Wherever's endorsement to Harrison Holder is without recourse and warranty. At maturity, Harrison Holder presents the note to Margo Maker for payment. Can Harrison Holder recover $100,000 from Margo Maker? Does Harrison Holder have a right to recover against Acme Bank and Trust? Does Harrison Holder have a right to recover against Wherever Life Insurance Company?
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