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  3. bob writes a check to cash for $1000 to pay a bill

Bob writes a check to cash for $1000 to pay a bill from Acme. He...

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Accounting

Bob writes a check to cash for $1000 to pay a bill from Acme. He then finds out that Acme breached the contract so he decides he will not pay them and puts a stop payment on the check. However, the check is stolen by Theron Thief (and Bob was not negligent) who then gives it to his landlord, Larry Landlord, who Theron already owes $1000. If Larry does not know about the theft or any problems with the instrument, what is the status of Larry:

1.Accommodation Indorser 2.Ordinary Holder 3.A Maker 4.Holder in Due Course

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