Fact Pattern 17-1
Chuck is the maker of a $200,000 promissory note payable to Investors Corporation. Investors indorses the note to Equity Lenders, which in turn indorses it to Select Holdings LLC, which then indorses it to Global Bank, the present holder.
-Refer to Fact Pattern 17-1.Global Bank properly presents the note to Chuck for payment, but he dishonors it. With timely notice to the proper parties, Global Bank may collect payment on the note from

Question

Fact Pattern 17-1
Chuck is the maker of a $200,000 promissory note payable to Investors Corporation. Investors indorses the note to Equity Lenders, which in turn indorses it to Select Holdings LLC, which then indorses it to Global Bank, the present holder.
-Refer to Fact Pattern 17-1.Global Bank properly presents the note to Chuck for payment, but he dishonors it. With timely notice to the proper parties, Global Bank may collect payment on the note from​

Quizplus · Accepted Answer

Global Bank may seek payment from any of the previous indorsers, including Investors, Equity Lenders, or Select Holdings, as long as timely notice is given to each of them. This is because each indorser is liable for payment of the note to subsequent holders. However, if Global Bank fails to give timely notice to any of the previous indorsers, its ability to collect payment from that party may be limited or lost altogether.

Fact Pattern 17-1 Chuck Is the Maker of a $200,000 Promissory Note Payable