First National Bank of Martinsville v. Cobler

We consider in this appeal whether there has been a renunciation by surrender of a negotiable instrument, within the meaning of the pertinent provisions of the Uniform Commercial Code.

On July 16,1966, to evidence an indebtedness created by a loan, the plaintiffs-appellees, Sidney W. Cobler and Carolyn D. Cobler, his wife, executed a promissory note payable to John Alva Cobler, Sidney’s uncle, for $4,500, with interest. The note provided for installment payments of $41.63 monthly and was secured by a deed of trust on a parcel of land in Franklin County, Virginia.

Sidney and Carolyn made regular…