Example please read the scenario first in order to answer the question below:

Hi there what's that you have on your hand oh hi. It's a bird. I have a talking bird. Oh really can I hear it say something sure thing. I got it on Mexico so it only speak Spanish. Wow that is very cool. You want to sell it. I suppose I could how much you want to pay for it. Well let me think I am a little short on cash but I could make out a promissory note for a 100 bucks and given to you I could pay it off in a week. Ok. Sure thing. Let's have it. Here you go. Very cool. Enjoy the bird. Great. I got a promissory note for a $100 that bird don't talk. I am a ventriloquist. I am going to sell this promissory note to my stupidly naive sister I better hurry before it's discovered that the bird knows no Spanish. Hi Laura say I'm a little short-term cash. I'll sell you my $100 promissory note for $75. Okay that's your sweet of you Pete. Thanks. I was looking for a gift for my boyfriend Gary. I will just give him this note. He will be so happy. Oh good. Here comes Gary. Now. He will be so excited to receive his present. High baby. I missed you. Whatsapp. Hi Sweetheart. Let's go under the tent. I have something for you. Come sit with me under the shelter of this lovely tent. I can already tell. This is going to be a great day. I have a gift for you. Here's a promissory note for a $100 payable within a week. Happy day happy happy day. Say Wait who is coming our way is he carrying and bring a I think you've got to pay me a $100 next week. Pva. What's with the bird oh you mean this stupid bird. I bought it off Pete. He said it talk Spanish. It don't talk at all. Listen. That is awful. Just awful. I know I feel like I got cheated. I gave Peter promissory note for a $100 and m not going to pay it for this Skywalker. Non talker sorry pal. But I have the promissory note now. And according to the law you've got to pay me doesn't matter you've got cheated. How much did you pay for the node actually by paid nothing at all for it. It was a gift from my sweetie. She bought it from her brother Pete The swindle of course she didn't know who cheated you. But I thought only those who paid money for a promissory note could collect where there was cheating involved. Yes generally that is the case only and HDAC that is. Hold in due course can collect on a note issued what has been cheating. However I fall into an exception. It's called the shelter rule. If I get a note from a hold in due course I to become a holder in due course. Lower paid people to note. She didn't know Pete cheated you. She became an HDAC. Then when she gave it to me I became an HD C no matter that my paid nothing for it. I'm starting to get it. Notes should be transferable not tied up by the originating contracts. Also as with the law contracts. As in DC I have solid right to pass on. Well it sure looks like you guys found shelter by the

Question: A person who takes a fraudulently altered instrument for value in good faith and with no notice of the alteration may enforce the instrument according to its original terms or to its terms as completed. (Please refer to the above scenario) Is it ethical that the obligee on a negotiable instrument is unable to raise otherwise valid defenses simply because the holder meets the requirements of being a holder in due course? (Support you answer example) with a real or hypothetical example.