David and Nettie Weiner signed seven promissory notes, totaling $89,000, in their capacity as president and secretary

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David and Nettie Weiner signed seven promissory notes, totaling $89,000, in their capacity as president and secretary of NMD Realty Co. In addition, they indorsed each note on the reverse side with their individual signatures. Each note contained the following provision: “The Maker and endorser or endorsers each hereby waives presentment, demand, and notice of di s honor.” The Weiners claimed that, because they are secondarily liable, the bank may not proceed against them individually until after presentment, notice of dishonor, and protest have occurred. Do you agree with the Weiners ? Explain. Bank of Delaware v. NMD Realty Co., 325 A.2d 108 (DE).

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Business Law With UCC Applications

ISBN: 9780073524955

13th Edition

Authors: Gordon Brown, Paul Sukys

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