Sirius LC v. Erickson
Idaho Supreme Court
156 P.3d 539 (2007)
Relevant factsFree
Erickson (defendant) signed a promissory note payable to Sirius LC (plaintiff), representing his unpaid legal fees, secured by a mortgage; when Erickson defaulted and Sirius sued to foreclose, Erickson argued the note was unenforceable for lack of consideration, and the district court, applying UCC Article 3, found sufficient consideration and granted Sirius summary judgment.
IssueFree
Whether a promissory note is a negotiable instrument under Article 3 of the Uniform Commercial Code if the note does not include the words "payable to bearer" or "payable to order."