Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson

تمرين 15

Patricia Woodberry executed a promissory note to SouthStar Funding, LLC secured by a mortgage on her home. Two years later, she filed for bankruptcy and listed Structured Asset Investment Loan Trust, 2005-8 (ASC) as a creditor. In the bankruptcy proceedings, the court had to decide whether ASC was actually a party with an interest in the bankruptcy case. It was, if it was the holder of the note. ASC had possession of the note, and there was an attachment to the original note entitled "Allonge to Note," containing the statement: "Pay to the order of without recourse." Woodberry argued that ASC did not have an interest in the case. Was ASC the holder of the note?