Negotiable Instrument Problem
Drawer issued a $900 check to A, who then indorsed it to B, who then indorsed it to C,
who then indorsed it to Store. Store presented the check to Drawee
Bank, which dishonored it. Store gave appropriate notice of dishonor to all
parties to the instrument. Store demands payment of the $900 from C alone. C
claims that he is liable, at most for only one third of the amount.