Fact Pattern 26-1B
Jake is the maker of a $2,000 promissory note payable to Kim.Kim indorses the note to Lyron who,in turn,indorses it to Mona,who then in?dorses it to Neville,the present holder.
-Refer to Fact Pattern 26-1B.Suppose that Mona pays Neville on the note.With timely notice to the proper parties,Mona may collect payment on the note from
A)Jake,Kim,or Lyron.
B)Jake or Kim only.
C)Lyron only.
D)no one.

Question

Fact Pattern 26-1B 
Jake is the maker of a $2,000 promissory note payable to Kim.Kim indorses the note to Lyron who,in turn,indorses it to Mona,who then in?dorses it to Neville,the present holder.
-Refer to Fact Pattern 26-1B.Suppose that Mona pays Neville on the note.With timely notice to the proper parties,Mona may collect payment on the note from
A)Jake,Kim,or Lyron.
B)Jake or Kim only.
C)Lyron only.
D)no one.

Quizplus · Accepted Answer

Mona, as an indorser who paid the note, can seek reimbursement from any prior indorsers or the maker, which includes Jake, Kim, or Lyron.