Horne made out a note for $ 100,000 payable to Clark and written on the note was a restriction that the note could not be transferred or pledged without Horne’s consent. Horne did, however, sign a letter authorizing Clark to use the note as collateral for a loan. Clark pledged the note as collateral for a $ 50,000 loan from First State Bank of Gallup. After making several payments, Clark defaulted on the loan. First State Bank tried to collect, but Horne refused to pay claiming that the note was not a negotiable instrument and therefore invalid in the hands of the bank. Did the restriction noted on Horne’s promissory note prevent the note from being negotiable in spite of the letter of authorization? ( First State Bank of Gallup v. Clark & Horne, 570 P. 2d 1144)