Explain when the last installment became due

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Reference no: EM1368486

McLoffler borrowed $10,000 from Addington, who, apprehensive about McLoffler's ability to pay, demanded security. McLoffler indorsed and delivered to Addington a negotiable promissory note executed by Thompson for $12,000 payable to McLoffler's order in twelve equal monthly installments. The note did not contain an acceleration clause, but it recited that the consideration for the note was McLoffler's promise to paint and shingle Thompson's barn. At the time McLoffler transferred the note to Addington, the first installment was overdue and unpaid. Addington was unaware that the installment had not been paid. Thompson did not pay any of the installments on the note. When the last installment became due, Addington presented the note to Thompson for payment. Thompson refused upon the ground that McLoffler had not painted or shingled her barn.What are Addington's rights, if any, against Thompson on the note?

Reference no: EM1368486

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