Chapter 22 Assignment

Chapter 22 Assignment - Case 22.3 – Reference to Another...

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Kathleen Basurto 4/19/2016 Business Law-2211-NET04 Instructor – Susan Horn Case 22.2 – Formal Requirements Question 1: Does a check written on an envelope meet the formal requirements to be classified as a negotiable instrument under the UCC? A check written on an envelope is to be classified as a negotiable instrument under the UCC. As long as the draft contains all of the pertinent information required such as the condition to payment on the face of the draft, it is a valid instrument. There is no written requirement as to the paper that a check is printed on, only that it be easily moved or transferred in proximity.
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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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