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Facts: The Venetian approved a credit line of $500,000 to Nehme. One day, while gambling at...

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Finance

Facts: The Venetian approved a credit line of$500,000 to Nehme. One day, while gambling at the Venetian, Nehmesigned a casino marker for $500,000 payable to the Venetian. Nehmeexchanged the marker for chips and lost all $500,000 worth of chipsplaying blackjack. Nehme then left the Venetian with the markeroutstanding. The Venetian presented the $500,000 marker to Bank ofAmerica, the bank specified on the marker, but the marker wasreturned for insufficient funds. The Venetian sued Nehme forfailure to pay a negotiable instrument.

Issue: Is the Venetian’s casino marker signedby Nehme a negotiable instrument under the Nevada UniformCommercial Code? If not, why not? If it is, why is it a NegotiableInstrument?

Assuming it is a Negotiable Instrument, even if you do notbelieve it is one, what arguments can the Venetian use to enforcethe Negotiable Instrument?

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