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Phil, an officer of ITI, drew six postdated checks on ITI’s account. The checks were payable to Marketing International (Marketing) for marketing services to be subsequently performed for ITI. Financial Associates (Financial) purchased the checks from Marketing and collected funds on four of the checks. Payment was stopped in the last two when Marketing’s services were terminated. Financial argued that it was a holder in due course and had the right to collect on the checks. ITI claimed that because the checks were postdated and issued for an executory promise, Financial could not be a holder in due course.Who was correct? Why?Support your responses with appropriate cases, laws, and other relevant examples.2-3 paragraphs please
Phil, an officer of ITI, drew six postdated checks on ITI’s account. The checks were payable toMarketing International (Marketing) for marketing services to be subsequently performed for ITI….
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