Chapter 23-Work Set TRUE-FALSE QUESTIONS 1. Every person who possesses an instrument is a holder holder who takes an instrument for value, in good faith, and without notice is a holder in due course (HDC). 3. Personal defenses can be raised to avoid payment to an HDC. For HDC status, good faith means an honest belief that an instrument is not defective. Knowing that an instrument has been dishonored puts a holder on notice, and he or she cannot become an HDC. 6. Generally, no one is liable on an instrument unless his or her signature appears on it. 7. Drawers are secondarily liable. 8. An unauthorized signature usually binds the person whose name is forged.

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