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 Jerry with $75 in cash in exchange for the check, fulfilling one of the requirements for holder in due course status for that portion of the transaction.

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