Marcus issues a negotiable promissory note payable to the order of Parish for the amount of $3,000. Parish raises the amount to $13,000 and negotiates it to Hilda for $12,000.
(a) If Hilda is a holder in due course, how much can she recover from Marcus? How much from Parish? If Marcus's negligence substantially contributed to the making of the alteration, how much can Hilda recover from Marcus and Parish, respectively?
(b) If Hilda is not a holder in due course, how much can she recover from Marcus? How much from Parish? If Marcus's negligence substantially contributed to the making of the alteration, how much can Hilda recover from Marcus and Parish, respectively?