For the balance due on the purchase of a tractor, Henry Brown executed and delivered to Jane Jones his promissory note containing the following language: 

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For the balance due on the purchase of a tractor, Henry Brown executed and delivered to Jane Jones his promissory note containing the following language: 

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For the balance due on the purchase of a tractor, Henry Brown executed and delivered to Jane Jones his promissory note containing the following language:
 

Is the note negotiable? Explain.

Explanation & AnswerSolution by a verified expert

Explanation

The instrument would be negotiable as amended Article 3 excludes the doctrine of the specific fund.
The following should be two other issues discussed for the reasons behind the negotiability of the instrument:

The absence of the 'received amount' shall not impact the negotiability of the note.
The note is due, subject to acceleration, at a definite time and is thereby, due at a definite time.

Verified Answer

The instrument will be negotiable as Revised Article 3 eliminates the particular fund doctrine.
The following two points must also be considered:

Absence of received amount
Subject to acceleration

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