What Is the Effect of the Designation,"Hiro Murakami,without Recourse

Multiple Choice

What is the effect of the designation,"Hiro Murakami,without recourse?"

A) It has no effect on anyone,including,but not limited to,any subsequent holder.
B) It has no effect on any subsequent holder.
C) It means that Hiro Murakami does not provide any guarantees to subsequent holders if the instrument is later dishonored.
D) It means that Hiro Murakami is providing that neither he nor the person who transferred the instrument to him can be held further liable to any subsequent holder.
E) It means that Hiro Murakami is providing that any subsequent holder cannot be held liable.