Tate and Fitch were longtime friends. Tate was a man of considerable means; Fitch had encountered financial
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December 1, 2011
Thirty days after date and for value received, I promise to pay to the order of Frank Fitch the sum of $6,600.
/s/ Timothy Tate
On the back of the note, Fitch indorsed, ‘‘Pay to the order of Farmers Bank of Erehwon /s/ Frank Fitch’’ and delivered it to the bank in exchange for $6,000.
(a) If the note is not paid at maturity, may the bank, without first demanding payment by Fitch, recover in an action on the note against Tate?
(b) If Tate voluntarily pays the note to the bank, may he then recover on the note against Fitch, who appears as an indorser?
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Related Book For
Smith and Roberson Business Law
ISBN: 978-0538473637
15th Edition
Authors: Richard A. Mann, Barry S. Roberts
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