Unformatted text preview: Case 22.3 – Reference to Another Agreement Question 1: Does the reference to the mortgage in the note cause it to be nonnegotiable? The note is nonnegotiable because of the reference to the mortgage. The way the mortgage was referenced, “The terms of said mortgage are by reference made a part hereof” make it nonnegotiable. Had the note clearly stated that the note was secured by mortgage, it would have been negotiable....
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- Fall '15
- Business Law, Negotiable instrument, Uniform Commercial Code, formal requirements