Question

In: Finance

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

Facts: The Venetian approved a credit line of $500,000 to Nehme. One day, while gambling at the Venetian, Nehme signed a casino marker for $500,000 payable to the Venetian. Nehme exchanged the marker for chips and lost all $500,000 worth of chips playing blackjack. Nehme then left the Venetian with the marker outstanding. The Venetian presented the $500,000 marker to Bank of America, the bank specified on the marker, but the marker was returned for insufficient funds. The Venetian sued Nehme for failure to pay a negotiable instrument.

Issue: Is the Venetian’s casino marker signed by Nehme a negotiable instrument under the Nevada Uniform Commercial Code? If not, why not? If it is, why is it a Negotiable Instrument?

Assuming it is a Negotiable Instrument, even if you do not believe it is one, what arguments can the Venetian use to enforce the Negotiable Instrument?

Solutions

Expert Solution

Here is solution of your question. If you have any query please comment in comment Box and will definitely resolve your query Thank you


Related Solutions

The following are data on the number of loans approved by a bank per day for...
The following are data on the number of loans approved by a bank per day for 25 working days: 73 19 16 64 28 28 31 90 60 56 31 56 22 18 45 48 17 17 17 91 92 63 50 51 69 a. Calculate the average, median, quartile 1 and quartile 3 b. Calculate range, interquartile range, variance, standard deviation, and coefficient of variation. c. Draw a box plot, give a conclusion
Which of the following statements is correct? Select one: a. A line of credit is an...
Which of the following statements is correct? Select one: a. A line of credit is an agreement between a bank and a customer under which the bank guarantees the customer a fixed dollar amount of loan. b. Banks issue commercial paper for raising funds for long periods c. Securitisation of loans reduces banks’ capital requirements. d. The principal source of funds for banks is through the issue of debt securities.
Furniture Store Credit Card Disclosure Statement: On approved furniture store credit card purchases—based on your credit...
Furniture Store Credit Card Disclosure Statement: On approved furniture store credit card purchases—based on your credit worthiness, other terms may apply. $2,399 minimum purchase required for this offer. Other finance offers available with lower minimum payment requirements. The purchase amount is divided into equal monthly payments for the promotional period. An additional $37 will be added to the following month’s payment when payment is received after the due date. No finance charges for 24 months. 23.9% standard rate, APR. The...
if you have desire to have a 500,000 nest egg one day, how much will you...
if you have desire to have a 500,000 nest egg one day, how much will you need to contribute to an retirement account on a monthly basis assuming you have 30 years to save and expect an average rate or return of 5.5%?
On a $1 million line of credit for one year, a company has agreed to the...
On a $1 million line of credit for one year, a company has agreed to the following conditions: (A) accrue 0.92% monthly interest on any funds borrowed; (B) maintain a compensating balance of 6.98% of any funds borrowed; and (C) pay the accrued interest and the amount borrowed together at the end of the year. The company does not have excess cash and will need to borrow additional funds under the line of credit to keep the compensating balance. If...
Zach Carey was approximately week. One day, while cleaning windows on the eighth floor of the...
Zach Carey was approximately week. One day, while cleaning windows on the eighth floor of the Second National Bank Building, I have tripped and fell from the scaffolding to the pavement below. He has suffered severe multiple injuries but miraculously survived the accident. I was immediately rushed to the local hospital for surgery. I have remained there for 60 days of treatment, after which I was allowed to go home for further recovery. During his hospital stay, I incurred the...
One day while walking in the park, you observe a squirrel munching on an acorn, when...
One day while walking in the park, you observe a squirrel munching on an acorn, when suddenly a hawk comes and grabs and eats the squirrel. What is the squirrel in this situation? A. Predator B. Primary consumer C. Prey D. Secondary consumer E. Both B and C F. Both A and D ------------------------- You have formulated a hypothesis: "Pineapples contain more vitamin C than oranges." To test this hypothesis you measure vitamin C levels in 20 oranges and 20...
WALMART Revolving Line of Credit Determine for 2017 only the revolving line of credit for your...
WALMART Revolving Line of Credit Determine for 2017 only the revolving line of credit for your corporation. Do you believe this amount is adequate for your corporation? Explain or demonstrate.
The manager of Furniture For Less has approved Mac's application for 36 months of credit with...
The manager of Furniture For Less has approved Mac's application for 36 months of credit with maximum monthly payments of $32. If the APR is 20.2 percent, what is the maximum initial purchase that Mac can buy on credit? $627.53 $1,047.91 $858.70 $870.58 $617.19
Compare and contrast an informal line of credit with a revolving credit agreement.
Compare and contrast an informal line of credit with a revolving credit agreement.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT