Question: On August 10, 2013, Theta Electronic Laboratories, Inc. executed a promissory note to George and Marguerite Thomson. Six other individuals, Gerald Exten, Emil O'Neil, and

On August 10, 2013, Theta Electronic Laboratories, Inc. executed a promissory note to George and Marguerite Thomson. Six other individuals, Gerald Exten, Emil O'Neil, and James Hane, and their wives also indorsed the note. The Thomsons then transferred the note to Hane on November 26, 2015. Although a default occurred at this time, it was not until April 2016 that Hane gave notice of the dishonor and made a demand for payment on the Extens as indorsers. Are the Extens liable under their indorser's liability?

Step by Step Solution

★★★★★

3.36 Rating (165 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

Liability of Indorsers Indorsers acquire liability on notes and other instruments when the note ... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

1328-L-I-P-I-P-L(407).docx

120 KBs Word File

Students Have Also Explored These Related Intellectual Property Questions!

On August 10, 2009, Theta Electronic Laboratories, Inc., executed a promissory note to George and Marguerite Thomson. Three other individuals, Gerald Exten, Emil ONeil, and James Hane, and their...

On August 10, 2012, Theta Electronic Laboratories, Inc., executed a promissory note to George and Marguerite Thomson. Three other individuals, Gerald Exten, Emil O'Neil, and James Hane, and their...

On August 10, 2015, Theta Electronic Laboratories, Inc., executed a promissory note to George and Marguerite Thomson. Three other individuals, Gerald Exten, Emil O'Neil, and James Hane, and their...

On August 10, 2016, Theta Electronic Laboratories, Inc., executed a promissory note to George and Marguerite Thomson. Six other individuals, Gerald Exten, Emil ONeil, James Hane, and their wives also...

CASE PROBLEMS 10. R & A Concrete Contractors, Inc., executed a promissory note that identifies both R & A Concrete and Grover Roberts as its makers. On the reverse side of the note, the following...

On August 10, 2014, Theta Electronic Laboratories, Inc., executed a promissory note to George and Marguerite Thomson. Six other individuals, Gerald Exten, Emil ONeil, James Hane, and their wives also...

On August 10, 2004, Theta Electronic Laboratories, Inc. executed a promissory note to George and Marguerite Thomson. Three other individuals, Gerald Exten, Emil ONeil, and James Hane, and their wives...

On August 10, 2019, Theta Electronic Laboratories, Inc., executed a promissory note to George and Marguerite Thomson. Three other individuals, Gerald Exten, Emil ONeil, James Hane, and their wives...

On August 10, 2007, Theta Electronic Laboratories, Inc. executed a promissory note to George and Marguerite Thomson. Six other individuals, Gerald Exten, Emil ONeil, and James Hane, and their wives...

How have technological advances made electronic oversight a necessity in many companies?

List and explain the seven standard parts of a letter.

Assuming a random effects model, show that E (SSB) = (b 1) 2 + k (b 1) 23 for the randomized complete block design.

Define the parameter of interest, and then use it to write the null and alternative hypotheses (in symbols) for the following situation. Nonprofit hospitals must provide a certain amount of charity...

Consider the new Keynesian Phillips curve with indexation, equation (7.76), under the assumptions of perfect foresight and = 1, together with our usual aggregate demand equation, yt = mt pt. (a)...

Raymond Johnson snatched a purse that had been left in an unattended car at a gas station. The purse contained both money and a firearm. Johnson was convicted for the crimes of grand theft of...

Olivo was in the hardware area of a department store. A security guard saw him look around, take a set of wrenches, and conceal it in his clothing. Olivo looked around once more and proceeded toward...

The Penguin intentionally hits Batman with his umbrella. Batman, stunned by the blow, falls backwards, knocking Robin down. Robins leg is broken in the fall, and he cries out, Holy broken bat bones!...

Pitt Enterprises manufactures jeans. All materials are introduced at the beginning of the manufacturing process in the Cutting department. Conversion costs are incurred uniformly throughout the...

Principles of Risk and Management Insurance (12 ed) Ch 21 Case Application James and Megan Webb recently purchased a home for $300,000. The home is insured under an HO-3 policy for $250,000 with no...

Andretti Company has a single product called a Dak. The company normally produces and sells 84,000 Daks each year at a selling price of $60 per unit. The company's unit costs at this level of...