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Fact Pattern 18-2 Jake Is the Maker of a $2,000 Promissory Note Payable

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Fact Pattern 18-2
Jake is the maker of a $2,000 promissory note payable to Kim. Kim indorses the note to Lou who, in turn, indorses it to Mona, who then in¬dorses it to Nat, the present holder.
-Refer to Fact Pattern 18-2.Suppose that Mona pays Nat on the note.With timely notice to the proper parties,Mona may collect payment on the note from


Definitions:

UCC

The Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States to harmonize the law among the states.

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Wheat that has been collected from fields, typically after growing and maturing over a season, and is ready for processing or sale.

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Represents ownership shares in a corporation, giving holders a claim on the corporation's earnings and assets.

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