Hamilton Co-Axial Ltd was indebted to its president, Hudson Elmore. In payment of that debt, it gave a promissory note to Elmore. That note was made payable to the order of Elmore. Elmore later purchased land from Aldercrest Developments Inc. As payment for the land, Elmore delivered the promissory note to Aldercrest, but he did not endorse the instrument. Before Aldercrest presented the note to Hamilton Co-Axial for payment, Elmore released Hamilton Co-Axial from the debt that previously existed between them and for which the promissory note initially was created. Is Aldercrest now entitled to payment from Hamilton Co-Axial? Explain your answer.