It is a time instrument as to the first 12 payments and a demand instrument as to the balance. The words written by B above A's indorsement convert a special indorsement into a blank,restrictive indorsement. The words written by B convert a blank indorsement by A into a special, restrictive indorsement. The words written by B convert a blank indorsement into a blank, qualified indorsement. A. E did not give value.
E is a mere holder.
B.x E gave value. C. E gave value. D. E gave value. X is the maker of a negotiable note payable to Y. Y negotiates the note to Z, who is a holder in due course. Z negotiates the note to A, who is not a holder in due course.