Ivory v. Lamoreaux

I am persuaded that under the provisions of the negotiable instruments law the note in question is negotiable. Section 3 of the act (2 Comp. Laws 1915, § 6042) provides:

“An instrument, to be negotiable, must conform to the following requirements: * * *

■ “Second, It must contain an unconditional promise or order to pay a certain sum of money.”

Section 5 of the act (2 Comp. Laws 1915, § 6044) provides:

_ “An unqualified order or promise to pay is unconditional within the meaning of this act, though coupled with: * * *

“Second, A statement of the transaction which gives rise to the instrument.”

The…