Problem: When a person transfers a negotiable instrument, to whom does this transferor make transfer warranties?
1. only parties to whom the transferor makes a written assertion in connection with the transfer
2. for all transfers, to the immediate transferee and all subsequent transferees
3. for all transfers, to the immediate transferee only
4. for transfers for consideration, to the immediate transferee, and if the transfer is by indorsemtn to all subsequent transferees as well