Legal Question in Business Law in Indiana
Marion makes a promissory note payable to the order of Perry. Perry indorses the note by writing �without recourse, Perry� and transfers the note for value to Steven. Steven, in need of cash, negotiates the note to Harriet by indorsing it with the words �Pay to Harriet, [signed] Steven.� On the due date, Harriet presents the note to Marion for payment, only to learn that Marion has filed for bankruptcy and will have all debts (including the note) discharged in bankruptcy. Discuss fully whether Harriet can hold Marion, Perry, or Steven liable on the note.
Asked on 10/25/12, 4:03 pm
1 Answer from Attorneys
Kenneth Wilk
Rubino Ruman Crosmer & Polen
Law school professors answer questions like these.
Answered on 10/28/12, 5:05 pm
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