Question: William H . Bailey, MD , executed a note payable to California Dreamstreet, a joint venture that solicited investments for a cattle breeding operation. Bailey

William H. Bailey, MD, executed a note payable to California Dreamstreet, a joint venture that solicited investments for a cattle breeding operation. Baileys promissory note read, Dr. William H. Bailey hereby promises to pay to the order of California Dreamstreet the sum of $329,800. Four years later, Dreamstreet negotiated the note to Cooperative Centrale Raiffeisen-Boerenleenbank B.A.(Cooperatieve), a foreign bank. A default occurred, and Cooperatieve filed suit against Bailey to recover on the note. Is the note executed by Bailey a negotiable instrument? Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. v. Bailey, 710 F.Supp. 737,1989 U.S. Dist. Lexis 4488(United States District Court for the Central District of California).

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