Waldo makes out a negotiable promissory note payable to the order of Grace. Grace indorses the note by writing on it “Without recourse, Grace” and transfers the note for value to Adam. Adam,in need of cash, negotiates the note to Keith by indorsing it with the words “Pay to Keith, Adam.” On the due date, Keith presents the note to Waldo for payment, only to learn that Waldo has filed for bankruptcy and will have all debts (including the note) discharged. Discuss fully whether Keith can hold Waldo, Grace, or Adam liable on the note.