If an Order Instrument Is Transferred Without Indorsement,then the Instrument

Multiple Choice

If an order instrument is transferred without indorsement,then the instrument:

A) is deemed to have been negotiated and the bank can qualify as a holder.
B) has not been negotiated and the transferee cannot qualify as a holder.
C) is deemed to have been negotiated and the transferee can qualify as a holder.
D) has been transferred and the bank and the transferee can qualify as a holder.