Bill, an accountant, gives Tad, a nephew, a check for $500 as a graduation present. The check was given to Bill as payment for work to be done for a...

Bill, an accountant, gives Tad, a nephew, a check for $500 as a graduation present. The check was given to Bill as payment for work to be done for a client. Bill, who indorses the check “without recourse,” knows that the work has not yet been done, but Tad does not. Who is an HDC of the check?