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"Jill signed a negotiable promissory note payable to Jack s Gallery to buy a painting...

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Accounting

  1. "Jill signed a negotiable promissory note payable to Jack s Gallery to buy a painting for her office. Jack s Gallery endorsed the note to Big Bank, who bought the note honestly, in a transaction typical for the industry. One of Jill s clients saw the painting and recognized it as a forgery. Will Jill be obligated to pay Big Bank if they seek payment on the note?"

    "No. Jill could be liable only to Jack s Gallery, the person she promised to pay."

    "No. Jill was defrauded, a defense that can be raised even against a holder in due course."

    "Yes, Jill has no defense she can raise against a holder in due course"

    "No. The painting was forged, so the seller breached warranties to Jill, the buyer."

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