Question

Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lou who, in turn,indorses it to Mona, who then indorses it to Nat, the present holder.Suppose that Mona pays Nat on the note. With timely notice to theproper parties, Mona may collect payment on the note from

a. Jake, Kim, or Lou.
b. Jake or Kim only.
c. lou only.
d. no one

Answer 1

a. Jake, Kim, or Lou.

Step-by-step explanation:

A promissory note is a signed document with a signed written promise on paying a specific amount of money to the owner of the note on a specific date or on demand. This being said an individual can only collect payment on the note from those who had it before them, therefore in this scenario Mona can collect payment from either Jake, Kim, or Lou.