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Question
Alan signs a promissory note in reliance on Bob's assurance that it is not a note. Bob negotiates the note to Credit Collection Corporation (CCC), which is a holder in due course (HDC) of the note. When CCC tries to collect, Alan refuses to pay. Under the HDC doctrine, the loss falls ona. Alan only.
b. Alan and CCC equally.
c. Alan or CCC, depending on which party can afford the loss.
d. CCC only.
Answer
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