Hane v. Exten

7 U.C.C. Rep. Serv. 35 (1969)

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Hane v. Exten

Maryland Court of Appeals
7 U.C.C. Rep. Serv. 35 (1969)

SC

Facts

On November 26, 1965, John Hane (plaintiff) was assigned a promissory note issued by Theta Electronic Laboratories, Inc. (Theta) (defendant). At some point, the payors on the note had defaulted on payment, and Hane demanded payment in April 1967. Hane sued Theta and the six individuals who had indorsed the note, including the Extens (the indorsers) (defendants). Gerald Exten (defendant), former president of Theta, testified that he had not been given notice of the default on the note until the lawsuit was filed. The trial court ruled in favor of the indorsers. Hane appealed.

Rule of Law

Issue

Holding and Reasoning (Singley, J.)

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