Curran bought a new car from Superior Motors. He paid $ 1,000 in cash and gave a promissory note for the balance of the purchase price. Superior negotiated the note to Calumet Bank and received cash in return. Curran then found the car’s transmission was defective, and he refused to make any payments to Calumet Bank. If it had no knowledge of the defective transmission, can the bank still collect on the note from Calumet Bank?
Answer to relevant QuestionsMartin made out a promissory note payable for $ 5,000 and issued the note to Pask. Pask transferred the note to Grimes, who became an HIDC because he purchased it in good faith, not knowing of any defects in the instrument. ...In what capacity is an accommodation party liable? Middle Georgia Livestock Sales bought cattle at an auction, paying by check. A couple of days later, Middle Georgia discovered that it had purchased stolen cattle and put through a stop- payment order on the check. ...At a book fair on August 15, Lee, an encyclopedia salesperson, talked Tanaka into purchasing a set of encyclopedias for $ 450. Tanaka gave Lee a check for $ 450. Later in the day, Tanaka changed her mind about purchasing the ...What are the rights and obligations of employers? What are the rights and obligations of employees?
Post your question