Mecham v. United Bank of Arizona

CAMERON, Justice.

This is an appeal by the maker of a promissory note from a judgment in favor of the payee, Max E. Munson, and the United Bank of Arizona claiming to be a holder in due course.

On appeal we are called upon to answer the following questions:

1. Was the bank a holder in due course?

2. Was there consideration for the note ?

The facts necessary to decide this appeal are as follows. In late 1966, Mecham Investment Company (Mecham Investment) began planning construction of a shopping center in Flagstaff, Arizona. Pursuant to that plan, Mr. Evan Mecham, president of the corporation,…