Reference no: EM131390960
In January, Roger Burke loaned his favorite nephew, Jimmy White, his valuable Picasso painting. Knowing that Jimmy would celebrate his twenty-first birthday on May 15, Burke sent a letter to Jimmy on April 14 stating: Dear Jimmy, Tomorrow I leave on my annual trip to Europe, and I want to make you a fitting birthday gift, which I do by sending you my enclosed promissory note.
Also I want you to keep the Picasso that I loaned you last January, and you may now consider it yours. Happy birthday! Affectionately, Uncle Roger The negotiable promissory note for $5,000 sent with the letter was signed by Roger Burke, payable to Jimmy White or bearer, and dated May 15. On May 21, Burke was killed in an automobile accident while motoring in France.
First Bank was appointed administrator of Burke's estate. Jimmy presented the note to the administrator and demanded payment, which was refused. Jimmy brought an action against First Bank as administrator, seeking recovery on the note. The administrator in turn brought an action against Jimmy, seeking the return of the Picasso.
a. What decision in the action on the note?
b. What decision in the action to recover the painting?
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