Friday, February 15, 2013

Business Law Cases

Yin V. familiarity National Bank Indiana
Court of Appeal of Indiana, 1996
665 N.E.2d 58

Facts

Society National Bank (Society), the plaintiff, agreed in a promissory cross out to lend U.S.A Diversified Products, Inc. (USAD) up to $2,000,000.00 in the constitute of an operating line of citation. Sam Yin (Yin), the defendant, who jointly owns USAD with Davis, also subscribe the note. Yins then-wife, Sophia Kung (Kung), also signed the note person all(prenominal)y. Society precisely dealt directly with Davis and once negotiation was finalized, Davis took the note which Yins and Kungs signature, forged it and returned it to Society. The trial court granted summary sagaciousness in advance of Society and against Yin and Kung in the amount of $2,160,331, including arouse and attorney fee and expenses.

Issue

Yin and Kung responsible for the document which contains forged signatures?

attribute:

Trial Court Summary Judgment in favor of Society
Court of Appeals Judgment was reversed and remanded.

Reason

The parties do not contest that the agreement in this case is a line of credit upon which USDA could make draws of varying amounts. Therefore they cannot be limit point by a document which does not bear their signatures. Accordingly, the perpetuation note effect on their liability.

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linguistic rule of Law:

The Rule of law is that an instrument must contain its four corners all the in createation required to determine whether it is negotiable.

NationsBank of Virginia, N.A V. Barnes
Virginia Circuit Court, 1994
33 Va. Cir. 184, UCC. Rep. Serv. 2d 782

Facts:

In 1991, the defendant, Ad Barnes and Elaine Barnes (Barnes) executed a promissory note for $200,000 to Sovran Bank, N.A (Sovran). The note was executed on a standard form and a box marked payable on petition was checked. However, there was no set time for repayment, only periodic interest payment. NationsBank of Virginia, the plaintiff, became the successor and merged to Sovran which becomes the holder of the note. Barnes argued...If you want to come in a full essay, order it on our website: Ordercustompaper.com



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