Soar Airways (Soar) entered into a lease agreement with Planes-to-Go (PTG). As part of its deposit, Soar delivered a promissory note it held to PTG. It was issued by Interavia LCC in favor of First Finance. The note had a face value of $10,000 with a maturity date one year later and was indorsed in blank by First Finance making the instrument a bearer instrument. PTG then negotiated the promissory note to FastCash who paid PTG $9,000. Later, PTG breached its agreement with Soar by failing to deliver the aircraft. After one year, the promissory note matured and FastCash wants to cash in the note. You are the attorney for FastCash. What advice would you give them regarding payment on the promissory note? What would be FastCash status as a holder of the note? What rights would FastCash have and what defenses might they encounter?

SophiaPretty

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Status NEW Posted 27 Jul 2017 03:07 PM My Price 5.00

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