W. R. Lloyd, Jr., and Margene West Lloyd v. Charles H. Lawrence, Jr.

INGRAHAM, Circuit Judge:

This is a diversity ease under Article 3 of the Uniform Commercial Code as adopted in Texas, V.T.C.A., Bus. & C. Code Ch. 3. The facts in this suit on two series of notes are undisputed. Pursuant to a plan of arrangement defendant executed the two series of notes payable respectively to the order of Mr. and Mrs. Lloyd. The notes recited that defendant waived presentation, demand, notice and protest and agreed that if any one note of the series had not been satisfied within fifteen days after its maturity, the holder could advance the maturity of the remaining notes of…