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1988 Bar Question

Question:

Anna makes a promissory note payable to bearer and delivers it to Bing. In turn, Bing negotiates
it by mere delivery to Carmen, who indorses it specially to Dong. Dong negotiates it by special
indorsement to Emma, who negotiates it to Fe by mere delivery. Anna did not pay. To whom are
Bing and Carmen liable? To whom are Dong and Emma liable? Explain.

Answer:

Doctrine:

Topic: NEGOTIATOR BY DELIVERY

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