Nathan is a holder in due course $($HDC$)$ of an instrument. Perry is a holder of an instrument. What is the difference between the status of Nathan and the status of Perry?

Nathan receives a higher level of protection from defenses and claims asserted by other parties.

Perry receives a higher level of protection from defenses and claims asserted by other parties.

Nathan and Perry receive the same level of protection from defenses and claims asserted by other parties.

Nathan receives a higher interest rate on the instrument than Perry receives.