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13 May, 05:30

Julian receives a promissory note from his grandmother as a birthday present. Is Julian a holder in due course (HDC) with respect to the note?

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  1. 13 May, 09:16
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    No, because the note was a gift.

    Explanation:

    Julian receives a promissory note from his grandmother as a birthday present and therefore this note is clearly a gift. This means that Julian is not a holder in due course (HDC) as in order to be an HDC, Julian must be paying or give some value for the received note. Here, it is not stated that Julian has paid or given any value therefore, Julian is not a holder in due course (HDC) with respect to the note.
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