Instrument under the nevada uniform commercial code

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The Venetian approved a credit line of $500,000 to Oliver. One day, while gambling at the Venetian, Oliver signed a casino marker for $500,000 payable to the Venetian. Oliver exchanged the marker for chips and lost all $500,000 worth of chips playing blackjack. Oliver then left the Venetian with the marker outstanding. The Venetian presented the $500,000 marker to Wells Fargo, the bank specified on the marker, but the marker was returned for insufficient funds. The Venetian sued Oliver for failure to pay a negotiable instrument.

Is the Venetian's casino marker signed by Nehme a negotiable instrument under the Nevada Uniform Commercial Code? If not, why not? If it is, why is it a Negotiable Instrument?

Assuming it is a Negotiable Instrument, even if you do not believe it is one, what arguments can the Venetian use to enforce the Negotiable Instrument?

Reference no: EM132345067

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