In Which of the Following Situations Is the Person Not

Multiple Choice

In which of the following situations is the person not a holder?

A) Julie has possession of an instrument "Payable to Martin" that has not been indorsed by Martin.
B) Sean has possession of a check "Payable to the order of Tonya" which is indorsed with only Tonya's name.
C) Olsen stole a check that was indorsed in blank.
D) Wanda found a check "Payable to the order of Cash."
E) None of these situations involve a holder.