Legal Question in Business Law in Indiana

Marion makes a promissory note payable to the order of perry. Perry indorse a the note by writing " without recourse, Perry" and transfers the note for value to Steven. Steven, in need of cash, negotiates the note to Harriet by indorsing it with the words "Pay to Harriet, [signed] Steven." On the due date, Harriet presents the note to Marion for payment, only to learn that Marion has filed for bankruptcy and will have all debts ( including the note) discharged in bankruptcy. Discuss fully whether Harriet can hold Marion, Perry, or Steven liable on the note.

Asked on 10/22/13, 8:12 pm

2 Answer from Attorneys

Jay Rigdon Rockhill Pinnick LLP

Are you really asking attorneys who are volunteering their time to answer free legal questions for people to answer an exam question for you.

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Answered on 11/03/13, 6:10 pm

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