Cengage Advantage Books: Business Law 9th Edition by Arnold Goldman ,William Sigismond

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Barnes received a promissory note from Park Place in the amount of $34,400, payable on or before January 1, 1973. Three officers of the corporation indorsed the note as individuals. Barnes apparently believed that he was not going to be paid and wrote each indorser on December 7, 1972, to say that he would sue if the note was not paid. The note was not paid on January 1, 1973, and Barnes presented the note for payment on March 20, 1973. Nine days later, Barnes sent out a notice of dishonor to each indorser. If Barnes sues the indorsers on the note, can he succeed? (Barnes v. Park Place Homes, Inc., La. 289 So.2d 859)