1. What are the requirements that must be met for an ordinary holder to become a holder in due course?
2. Scott discovers that his check book was stolen from his home. Alexa, the thief, issues a check in the amount of $5,000.00 to Georgia as repayment of a debt that she owed Georgia. Alexa forges Scott’s name, and then leaves town. Georgia wants to enforce the check against Scott. Please discuss the following:
a. What is Georgia’s status, i.e., is she an assignee, an ordinary holder, or a holder in due course?
b. Does Scott have any defenses to paying this check? Explain.
