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Woodworth v. Richmond Indiana Venture
Court of Common Pleas of Ohio
13 U.C.C. Rep. Serv. 2d 1149 (1990)
Woodworth (plaintiff) executed a promissory note in favor of a limited partnership as partial payment for investment in the partnership. The promissory note stated that if the payments under the note were not timely made, then at the partnership’s option, Woodworth would lose his interest in the partnership. The note was later assigned or negotiated to Signet Bank (Signet) (defendant). Woodworth defaulted on the payments under the promissory note. Woodworth sued Signet and moved for partial summary judgment, arguing that Signet was not a holder in due course. Signet also moved for summary judgment, claiming that Signet was a holder in due course and arguing that Woodworth was limited in the defenses that could be raised.
Rule of Law
Holding and Reasoning (Johnson, J.)
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