Broadway Management Corporation obtained a judgment against Briggs. The note on which the judgment was based reads

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Broadway Management Corporation obtained a judgment against Briggs. The note on which the judgment was based reads in part: ‘‘Ninety Days after date, I, we, or either of us, promise to pay to the order of Three Thousand Four Hundred Ninety Eight and 45/100 _____ Dollars.’’ (The underlined words and symbols were typed in; the remainder was printed.) There are no blanks on the face of the instrument, any unused space having been filled in with hyphens. The note contains clauses permitting acceleration in the event the holder deems itself insecure and authorizes judgment ‘‘if this note is not paid at any stated or accelerated maturity.’’ Explain whether the note is negotiable order paper.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Smith and Roberson Business Law

ISBN: 978-0538473637

15th Edition

Authors: Richard A. Mann, Barry S. Roberts

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