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Given the bank's holder in due course status, the argument of breach of contract will not be effective, for it is a limited defense that is not available against a holder in due course.
A promissory note sometimes referred to as a payable note, is a legal instrument, in which one party promises to pay a fixed amount to another, either for a fixed or future period or for a payer, subject to certain terms and conditions.
Thus, Given the bank's holder in due course status, the argument of breach of contract will not be effective, for it is a limited defense that is not available against a holder in due course.
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