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Commercial Law Keyed to Whaley
Woodworth v. The Richmond Indiana Venture
Citation:
1990 WL 293436 (1990)Facts
On December 18, 1987, Woodworth executed a promissory note in which he promised to pay to the order of The Richmond Indiana Venture, A Limited Partnership or holder the sum of $655,625.00. The promissory note was given to pay part of the deferred portion of Woodworth’s investment in the partnership. The note was subsequently assigned or negotiated to Signet Bank. Woodworth went into default after failing to make payments that fell on July 1, 1989 and July 1, 1990. Woodworth filed the current action on November 2, 1989, arguing that Signet Bank was not a holder in due course of the note because it was not a negotiable instrument.
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