Acc 543

Cobb gave Garson a signed check with the amount payable left blank. Garson was to fill in, as the amount, the price of fuel oil Garson was to deliver to Cobb at a later date. Garson estimated the amount at $700, but told Cobb it would be no more than $900.

Garson did not deliver the fuel oil, but filled in the amount of $1,000 on the check. Garson then negotiated the check to Josephs in satisfaction of a $500 debt with the $500 balance paid to Garson in cash. Cobb stopped payment and Josephs is seeking to collect $1,000 from Cobb. Cobb's maximum liability to Josephs will be A maker of a note will have a valid defense against a holder in due course as a result of any of the following conditions except On February 15, 1993, P.D. Stone obtained the following instrument from Astor Co. for $1,000. Stone was aware that Helco, Inc., disputed liability under the instrument because of an alleged breach by Astor of the referenced computer purchase agreement. On March 1, 1993, Willard Bank obtained the instrument from Stone for $3,900. Willard had no knowledge that Helco disputed liability under the instrument.The reverse side of the instrument is indorsed as follows:If Willard Bank demands payment from Helco and Helco refuses to pay the instrument because of Astor's breach of the computer purchase agreement, which of the following statements would be correct?

Robb, a minor, executed a promissory note payable to bearer and delivered it to Dodsen in payment for a stereo system. Dodsen negotiated the note for value to Mellon by delivery alone and without indorsement. Mellon indorsed the note in blank and negotiated it to Bloom for value. Bloom's demand for payment was refused by Robb because the note was executed when Robb was a minor. Bloom gave prompt notice of Robb's default to Dodsen and Mellon. None of the holders of the note were aware