Changed the mnemonic for Negotiability

SW UFO TAN

A holder in due course is a party who, in good faith, and without notice of any claims or defense, gives value in order to take possesion of and obtain the right to enforce a negotiable instrument, whose authenticity is not apparently question.

A negotiable instrument is a signed writing unconditionally promising to pay a fixed amount of money at a definite time, alone (making no other promise other than to pay the money), with words of negotiability

A drawer's only liability on a instrument is to pay the instrument according to the terms it made. A drawer did not make the terms of the order in a forged drawer's signature and therefore the drawee must credit back the drawer's account because it was not following the drawer's instruction.

The indorser's contract to pay according to the terms of the indorsement expires if the the instrument is not presented to the maker or drawee within 30 days following indorsement.

Indorser also makes the tranferor warranty to all subsequent holders that indorser is a holder, that the authenticity is not apparently questioned, and that there are no known valid claims or defenses. Note that the transferor warranties are the same of the presentment warranties made to the drawee by the presentor

Drawee becomes bound to pay once they accept presentment. Payment is final and drawee has no recourse against payee but does have recourse against a breach of the presentment warranty.