Bert and Ernie collaborate to defraud Oscar, who is induced to give Bert a note payable to

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Question:

Bert and Ernie collaborate to defraud Oscar, who is induced to give Bert a note payable to Bert's order. Bert indorses the note for value to Big Bird, an HDC. Later, Big Bird sells the note to Ernie (Bert's co-conspirator). Under the shelter principle,

	a.	the principal amount of the note is sheltered without recourse.
	b.	Ernie's right to repurchase the note from Big Bird is limited.
	c.	Ernie attains HDC status by acquiring the note.
	d.	Ernie cannot acquire HDC rights in the note.