M makes a note payable to the order of P for 10,000 and delivers the same to P. Without the consent of M, P changed the amount to 40,000. P then indorsed the note to A, A to B, B to C, and C to H, holder. Against whom may H enforce payment and how much?

M makes a note payable to the order of P for 10,000 and delivers the same to P. Without the consent of M, P changed the amount to 40,000. P then indorsed the note to A, A to B, B to C, and C to H, holder. Against whom may H enforce payment and how much?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

1. M makes a note payable to the order of P for 10,000 and delivers the same to P. Without the consent of M, P changed the amount to 40,000. P then indorsed the note to A, A to B, B to C, and C to H, holder. Against whom may H enforce payment and how much?

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