Chapter 25- Briggs Case Briggs signed a note that read in part as follows: Ninety...
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Accounting
Chapter 25- Briggs Case
Briggs signed a note that read in part as follows: Ninety days after date, I, we, or either of us, promise to pay to the order of Three Thousand Four Hundred Ninety-Eight and 45/100Dollars. The words and symbols in italics were typed, and the rest of the words were preprinted. No blanks had been left on the face of the instrument; any unused space had been filled in with hyphens. The note contained several clauses that permitted acceleration in the event the holder deemed itself insecure.
When the note was not paid at maturity, Broadway Management Corp. brought suit on the note for full payment, claiming that it (Broadway) was a holder. Is this an order or bearer instrument? What changes, if any, would have to be made on the note for it to be a negotiable instrument?
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