Ursula's uncle gives her a promissory note in exchange for her promise to work as his personal attorney if she finishes law school in three years. Is Ursula a holder in due course? Which of the following is NOT a requirement for HDC status?
- Although a promise to give value in the future is valid consideration to support a contract, it does not constitute value to make the promisor an HDC.
- A holder takes an instrument for value only to the extent that the promise has been performed.
- When an instrument is purchased at a bankruptcy sale, the holder will not be an HDC.
- A holder who does not act in the process of acquiring the instrument cannot be an HDC.
- The good faith requirement applies only to the holder.
- A person who takes a negotiable instrument from a thief may become an HDC if the person acquired the instrument in good faith and had no reason to be of the transaction.
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