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Question
Susan Smith steals a valuable necklace from Pamela Jones. The necklace bears Jones's full name. Smith takes the necklace to a pawnshop, sells it to the shop, and gets a check for $10,000 in the name of Pamela Jones. Smith then indorses the check in Jones's name and transfers it to Harry Anderson. Which of the following is true about this situation?
A. Harry cannot be a holder because the indorsement was forged.
B. Harry cannot be a holder because of the "imposter rule."
C. The check has been negotiated to Harry.
D. Susan Smith can keep the necklace since she is now the owner.
Answer
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