Uploaded on Nov 30, 2010
This is a "Law Lessong" - a law lesson in a song - that I wrote to help students remember the 6 categories of statutes that require a writing in order to be enforceable. Audio files for more law lessongs can be found here: http://sites.google.com/site/blawprof...)
More "Law Lessong" videos will be posted at the Legal Studies Classroom blog: http://legalstudiesclassroom.blogspot...
Holder in Due Course Blues
By Mark DeAngelis
Way down on the Delta, where some shady deals are made,
Financial markets boomin' with commercial paper trade.
A seller with no principles can take a fella's dough,
By sellin' his loan papers to a bank that doesn't know.
I've got the Holder, the Holder in Due Course blues.
I got a feelin', I'm feelin' like I'm bound to lose.
'Cause a Holder, a Holder in Due Course rules.
Well my shrimpin' business floundered, 'cause my boat it wouldn't float,
So I had to buy another with a promissory note.
The boat I got was leaky and the engine wouldn't run,
So I told that rotten seller that my deal with him was done.
But I got the Holder, the Holder in Due Course blues.
The water's risin', it's risin' up to fill up my shoes.
This sinkin' feelin' tells me a Holder in Due Course is bad news.
The Seller sold my note 'cause he needed to get cash,
The bank that was the buyer didn't know the boat was trash
The banker man said, "Son, I hope you're hearin' what I say,
Your boat's not all that's sinkin' 'cause your note is due today!"
"You've got the Holder, Holder in Due Course blues.
Your boat is leaky, well to us that is certainly news.
In good faith we paid the seller the note's fair market value."
My lawyer sued that seller for the boat he sold to me,
But he just grabbed another boat and split for Tahiti.
Now I am left here cryin' and wonderin' how I owe,
Payment to a bank that I don't know in Ohio.
I got the Holder, the Holder in Due Course blues,
'Of my defenses, the Holder hadn't even a clue.
I'm a victim of the Holder, the Holder in Due Course rules.
So if your note, or draft or check, negotiated lands,
With a holder who paid value in good faith and with clean hands,
Without notice of defenses, or irregularity,
If you've no real defense you'll be payin' your cash money,
To the Holder, the Holder in Due Course Dude.
He gets your money; you keep a boat that you can't use.
And that's the way of payin' your Holder in Due Course dues.
Holder in Due Course Blues (Reprise)
And just as you are thinking that you might get off the hook
'Cause the holder of the note did not give value to the crook.
You still may be in trouble with the new collection plan,
If the holder took the note from a Holder in Due Course man
I've got the Holder Through a Holder in Due Course blues.
In his own right, he'd have trouble collecting from you,
But now he stands in Holder, Holder in Due Course shoes.
That's the Holder Through a Holder in Due Course Shelter Rule.
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