AM General LLC v. James A. Armour

DAVID, Justice.

Today this Court holds that the promissory note in the. present case does not satisfy the requirement of “payment” under the disputed employment contract. This issue arose when James Armour’s employment contract with AM General entitled him to payment of a long-term incentive plan (LTIP). When Armour retired in early 2012, he was to receive a lump sum LTIP payment on or about January 20, 2012. Instead, Armour started receiving quarterly installment payments, in , the form of checks, which Armour accepted.

However, in December of 2012, AM General attempted to make the final…