Goss v. Trinity Savings & Loan Ass'n

LAVENDER, Justice.

The principal issue presented is whether a note with an adjustable interest rate tied to the average yield on U.S. Treasury Securities (T-bills) is a negotiable instrument as defined by the Uniform Commercial Code (UCC) 12A O.S.1981, § 3-104(l)(b). Initially, however, we must consider; 1) whether the court allowed Appellees a double recovery; 2) whether the court correctly ruled the unauthorized alteration made on the face of the note was material thereby justifying the cancellation of the note under 15 O.S. § 239 in Appellees’ favor; and 3) whether the court’s award of…