The topic of this podcast is: (1) when a person that takes an instrument from a fiduciary has notice of the breach of fiduciary duty; and (2) when a representative is bound individually on an instrument. This podcast covers the rules of §§ 3-307 and 3-402. These topics are often covered on exam questions. At the conclusion of this podcast, you should be able to (1) identify who are represented persons and fiduciaries; (2) determine when a taker of an instrument has notice of a breach of fiduciary duty and a claim of the represented person; and (3) determine when a representative will have personal liability on the instrument that they sign in their representative capacity.