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5. Aunt Myra gave her nephew, Shane, a negotiable instrument as a graduation gift. Aunt Myra is a holder in due course of that instrument. Which of
5. Aunt Myra gave her nephew, Shane, a negotiable instrument as a graduation gift. Aunt Myra is a holder in due course of that instrument. Which of the following best describes this situation?
A) Shane is not a holder in due course because the instrument was a gift; Shane cannot collect on this instrument.
B) Shane qualifies as a holder in due course under the Shelter Principle; Shane can collect on this instrument.
C) Shane does not qualify as a holder in due course, unless Aunt Myra transferred her HDC status to Shane in writing when she gave him the instrument.
D) The Shelter Principle would apply to Shane since he is Aunt Myra's relative, unless the instrument is a gift; Shane cannot collect on this instrument.
