Curran bought a new car from Superior Motors. He paid $ 1,000 in cash and gave a promissory note for

Curran bought a new car from Superior Motors. He paid $ 1,000 in cash and gave a promissory note for the balance of the purchase price. Superior negotiated the note to Calumet Bank and received cash in return. Curran then found the car’s transmission was defective, and he refused to make any payments to Calumet Bank. If it had no knowledge of the defective transmission, can the bank still collect on the note from Calumet Bank?

 

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