Loren signs a note that states, "Payable in thirty days.". The note is dated March 2. Micah buys the note on April 3. Is Micah an HDC of the note? Explain
No. Generally, the time that a due date on an instrument be¬gins to run is the day after the date of an instru¬ment, which would mean that this note is due April 1. That means the note is overdue. One of the requirements for becoming an HDC is that a party must take an in¬stru¬ment without notice that it is overdue. (Nonpayment by a due date indi¬cates to any purchaser that the maker or drawer has a defense against payment.)
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