All of the Following Except Which One Are Warranted by the Transferor

Multiple Choice

All of the following except which one are warranted by the transferor of a negotiable instrument?

A) The instrument is not subject to a defense.
B) The transferor has no knowledge of a material alteration.
C) All signatures are authentic and authorized.
D) Transferor has no knowledge of insolvency proceedings instituted with respect to the maker or drawer.