Salomonsky v. Kelly

The central issue in these appeals is whether two separate actions based on virtually identical notes were barred by the applicable statute of limitations. In order to resolve this issue, we must first determine whether the notes are negotiable instruments as defined in the Uniform Commercial Code (UCC) and, if so, whether the notes are payable at a definite time or on demand.

In March 1976, J. Monte Williamson, the owner of a 16.65% interest in Lake Manor Associates, a partnership, agreed to sell his partnership interest, 50% to H. Louis Salomonsky and 50% to Tiffany H. Armstrong. In return,…