What was moodys responsibility on the note

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Reference no: EM131471923

Question: To finance the purchase of a bank, Mike Moody, George Krumme, and others executed as comakers two promissory notes in the amount of $8.17 million. Moody received a 191 ⁄2 percent interest in a company that owned the bank. When a payment came due on the note, Moody could not pay his share, so the other comakers paid it. The other comakers sued Moody. What was Moody's responsibility on the note.

Reference no: EM131471923

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