Raymond James's appeal directly addresses the question of whether a plaintiff may only defeat a defendant's holder in due course defense involving a fiduciary breach under section 3-307.
The UCC set forth notice of fiduciary breach as notice of a claim under the holder in due course doctrine in several different sections of the code.
section] 3-307 (1995) (addressing notice and breach of fiduciary duty in holder in due course defense context); id.
Theoretically, therefore, a plaintiff must first satisfy these three requirements before attempting to defeat a defendant's holder in due course defense under the subsections of 3-307.
Surprisingly, the most recent Massachusetts case to specifically address the issue of notice of fiduciary status and breach, in the context of the holder in due course defense, occurred in 1906.