Eligio Gaitan borrowed the funds to buy real property in Downers Grove, Illinois, and signed a note payable to Encore Credit Corp. Encore indorsed the note in blank. Later, when Gaitan defaulted on the payments, an action to foreclose on the property was filed in an Illinois state court by U. S. Bank, N. A. The note was in the bank’s possession, but there was no evidence that the note had been transferred or negotiated to the bank. Can U. S. Bank enforce payment of the note? Why or why not?
Answer to relevant QuestionsPeter Gowin was an employee of a granite countertop business owned by Joann Stathis. In November 2015, Gowin signed a promissory note agreeing to pay $ 12,500 in order to become a co- owner of the business. The note was ...Sandra Ford signed a note and a mortgage on her home in Westwood, New Jersey, to borrow $ 403,750 from Argent Mortgage Co. Argent transferred the note and mortgage to Wells Fargo Bank, N. A., without indorsement. The ...Clarence Morgan, Jr., owned Easy Way Automotive, a car dealership in D’Lo, Mississippi. Easy Way sold a truck to Loyd Barnard, who signed a note for the amount of the price payable to Trustmark National Bank in six months. ...THE ECONOMIC DIMENSION What should Jean do next— appeal the court’s decision, settle with BHP for the amount of the judgment, or go through the foreclosure process? Explain. The Legal Environment DimensionWhen no actual ...Go to Case Analysis Case 29.2, McLean v. JPMorgan Chase Bank, N. A. on pages 564 and 565. Read the excerpt and answer the following questions.(a) Issue: The dispute in this case focused on an attempt to enforce an unpaid ...
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