the shelter rule affords what rights to the ultimate recipient of a transferred negotiable instrument that was at some point transferred by a holder in due course?

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29-11-2022
Social Studies

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the shelter rule affords what rights to the ultimate recipient of a transferred negotiable instrument that was at some point transferred by a holder in due course?

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AnkitaNagar AnkitaNagar · Answer 1 · 2022-12-02T01:20:12-05:00

According to the shelter rule, unless the transfer is made through fraud or illegal means, the transferee of a negotiable instrument receives all of the rights of the transferor of the instrument. When the transferee is not a holder in due course but the transferor is, this is crucial. What rights is the final recipient of a transferred negotiable instrument that was at some time transferred by a holder granted by the shelter rule. A holder in good standing owns the negotiable instrument free from any title defects of earlier parties and free from defenses that former parties may raise against one another. They may also pursue payment of the instrument's full amount against all parties responsible for it.

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