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Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
Edition 19ISBN: 978-1305654921 Exercise 28
Negotiable Instruments
Vincent Schettler executed a promissory note to Silver State Bank (Silver) as part of a revolving line of credit for Schettler's business, which provided for a period of interest only payments until the maturity date. The maturity date was renegotiated several times during the term of the business relationship. Silver ultimately went into receivership, and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. Schettler then did not pay the outstanding balance of the note on the maturity date. RalRon Capital Corporation (RalRon) purchased the note and demanded payment from Schettler. Was RalRon a holder in due course entitled to payment from Schettler? [ Schettler v. RalRon Capital Corporation, 275 P.3d 933 (Nev.)]
Vincent Schettler executed a promissory note to Silver State Bank (Silver) as part of a revolving line of credit for Schettler's business, which provided for a period of interest only payments until the maturity date. The maturity date was renegotiated several times during the term of the business relationship. Silver ultimately went into receivership, and the Federal Deposit Insurance Corporation (FDIC) was appointed receiver. Schettler then did not pay the outstanding balance of the note on the maturity date. RalRon Capital Corporation (RalRon) purchased the note and demanded payment from Schettler. Was RalRon a holder in due course entitled to payment from Schettler? [ Schettler v. RalRon Capital Corporation, 275 P.3d 933 (Nev.)]
Explanation
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Holder in due course:
A person / firm b...
Cengage Advantage Books: Law for Business 19th Edition by John Ashcroft,Katherine Ashcroft,Martha Patterson
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