Jerry takes a $400 check to Primary Bank, where he asks for $75 in cash and he deposits the remaining balance. Primary Bank has "given value" as far as the requirements of holder in due course status to the extent of $75.

Question

Quizplus · Accepted Answer

Primary Bank has given value to the extent of $75 because it provided cash to Jerry, which is a form of consideration, thus meeting the requirement for holder in due course status for that amount.

Jerry Takes a $400 Check to Primary Bank, Where He