William H. Bailey, MD, executed a note payable to California Dreamstreet, a joint venture that…

William H. Bailey, MD, executed a note payable to California Dreamstreet, a joint venture that solicited investments for a cattle breeding operation. Bailey’s promissory note read, “Dr. William H. Bailey hereby promises to pay to the order of California Dreamstreet the sum of $ 329,800.” Four years later, Dreamstreet negotiated the note to Cooperative Centrale Raiffeisen Boerenleenbank B. A. (Cooperatieve), a foreign bank. A default occurred, and Cooperatieve filed suit against Bailey to recover on the note. Is the note executed by Bailey a negotiable instrument? Cooperatieve Centrale Raiffeisen Boerenleenbank B. A. v. Bailey, 710 F. Supp. 737, 1989 U. S. Dist. Lexis 4488 (United States District Court for the Central District of California)

 

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