- Define negotiable instruments in your own words. Provide an example of a negotiable instrument (check, promissory note, dollar bill etc.) and create a drawing or use an existing photo. On the image, label the parts of the negotiable instrument.
- Madonna Newton write the following note on the back of an envelope: "I, Madonna Newton, promise to pay Laura Adams or bearer $100 on demand." Is this a negotiable instrument? Discuss why or why not.
- Harold Forrest borrowed $541,000 and signed a note payable to Independence Mortgage Services, LLC, to buy a house in Annapolis, Maryland. The note was endorsed in blank and transferred several times "without
recourse" before Forrest fell behind on the payments. On behalf of American Bank National Trust Co., Minka Home Loans Servicing LP initiated foreclosure. Forrest filed an action in a Maryland state court to block it, arguing that Minka could not foreclose because American Bank, not Minka, owned the note. Can Minka enforce the note? Explain why or why not. - Wendy Cruze signed a note in the amount of $199,900 in favor of Sunshine Home Loans, Inc., to obtain a
loan to buy a house in Lafayette, Louisiana. The note was endorsed "Pay to the order of _
without recourse Sunshine Home Loans, Inc." Almost five years later Cruze defaulted on the payments. The
Federal National Mortgage Association (Fannie Mae) wanted to foreclose on the house and sell it to recover
the balance due. Cruze argued that the words "to the order of _" in the endorsement made the
note an incomplete order instrument and that Fannie Mae could not enforce it. What is Fannie Mae's best
response to this argument?
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