22.1 Negotiable Instrument William H. Bailey, MD, executed anote payable to California Dreamstreet, a joint venture thatsolicited investments for a cattle breeding operation. Bailey’spromissory note read, “Dr. William H. Bailey hereby promises to payto the order of California Dreamstreet the sum of $329,800.” Fouryears later, Dreamstreet negotiated the note to CooperativeCentrale Raiffeisen-Boerenleenbank B.A. (Cooperatieve), a foreignbank. A default occurred, and Cooperatieve filed suit againstBailey to recover on the note.
Is the note executed by Bailey a negotiable instrument?Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. v. Bailey, 710F.Supp. 737, 1989 U.S. Dist. Lexis 4488 (United States DistrictCourt for the Central District of California)
