Homework week 3 business law - Homework week 3 22.10...

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Homework week 3 22.10 Reference to Another Agreement Holly Hill Acres, Ltd. (Holly Hill), purchased land from Rogers and Blythe. As part of its consideration, Holly Hill gave Rogers and Blythe a promissory note and purchase money mortgage. The note read, in part, “This note with interest is secured by a mortgage on real estate made by the maker in favor of said payee. The terms of said mortgage are by reference made a part hereof.” Rogers and Blythe assigned this note and mortgage to Charter Bank of Gainesville (Charter Bank) as security in order to obtain a loan from the bank. Within a few months, Rogers and Blythe defaulted on their obligation to Charter Bank. Charter Bank sued to recover on Holly Hill’s note and mortgage. Does the reference to the mortgage in the note cause it to be nonnegotiable? Holly Hill Acres, Ltd. v. Charter Bank of Gainesville , 314 So.2d 209, Web 1975 Fla.App. Lexis 13715 (Court of Appeal of Florida) Answer Yes, is negotiable. Holly Hill has not defaulted in any way, Roger and Blythe did. The bank should go after Rogers and Blythe. Charter Bank can only collect payment as provided in the note. The bank cannot collect any other money. 23.8 Business Ethics Anthony and Dolores Angelini entered into a contract with Lustro Aluminum Products, Inc. (Lustro). Under the contract, Lustro agreed to replace exterior veneer on the Angelini home with Gold Bond Plasticrylic avocado siding. The cash price for the job was $3,600, and the installment plan price was $5,363.40. The Angelinis chose to pay on the installment plan and signed a promissory note as security. The note’s language provided that it would not mature until 60 days after a certificate of completion
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Homework week 3 business law - Homework week 3 22.10...

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