Signed demand promissory note

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On June 30, John N. Willis signed a demand promissory note for $1,620 to the camelot country club in Carrolton, Texas. The notde stated that it was being given payment for a membership in the country club. But, in fact, the club was insolvent, its memberships had no value, and willis was already a member. He was also the club's golf pro. Willis signed the note at the request of the club's manager to enable the club to borrow money from the commonwealth national bank to meet its payroll. The bank of dallas purchased the note on july 14 and immediately made demand. Willis alleged the note was overdue and therefore the bank could not be a holder in due course. Do you agree?

Reference no: EM131432728

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Signed demand promissory note : On June 30, John N. Willis signed a demand promissory note for $1,620 to the camelot country club in Carrolton, Texas. The notde stated that it was being given payment for a membership in the country club. But, in fact, the club was insolvent, its me..

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