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Answer:
Answer is option c, i.e. unenforceable by any holder, including an HDC.
Explanation:
When any instrument is signed by a person, who has been declared mentally incompetent by a court, then such an instrument is considered void and it stands unenforceable by any holder including the holder in due course (an HDC). A mentally incompetent person does not have adequate knowledge of the activities carried by him/her and is not treated as a genuine.
A loan that is associated with a valuable asset that can be taken by the lender is a secured loan.
Ray's loan is unsecured.
Jack's mortgage is a secured loan.
<h3>What are secured and unsecured loans?</h3>
A secured loan is a loan that is backed up by an asset. If the borrower defaults on the loan,the lenfer can take possesion of the asset. An unsecured loan is a loan that is not backed up by any asset.
An unsecured loan is more risky than a secured loan. Thus, unsecured loans have a higher rate of interest.
To learn more about unsecured loans, please check: brainly.com/question/8347317
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