Sheri Zimmerman executed a “Promissory Note” dated March 20, 2007. The total amount on the note was $46,378 with a principal amount of $40,000 and $6,378 in interest. The promissory note stated as follows: 

FOR VALUE RECEIVED, the undersigned here by jointly and severally promises to pay to the order of _________ _________________________________________________, the sum of forty six thousand three hundred seventy eight ($46,378.00), together with interest thereon at a rate of six percent (6%) per annum on the unpaid balance. Said sum shall be paid in the manner following: See attached schedule. 

The promissory note further stated that any payments under it had to be made to such address as may be designated by “any holder.” It was signed by Zimmerman alone as “Borrower” and it appeared that she had signed in her individual capacity because she did not sign in any other capacity. No other borrowers signed the note and it was not witnessed or notarized. Attached to the promissory note was a loan amortization schedule showing a total of 60 payments (12 payments a year for five years) totaling $46,378 ($40,000 principal and $6,378 interest). 

ther for a long time, decided to go into a new business venture called Aggressive Suspensions involving the fabrication of race car components. Scott, a skilled welder and fabricator of race cars, was to do the fabrication, and Zimmerman was going to take care of the books. Scott borrowed $40,000 from his mother, issued two checks totaling $40,000 that went into the business venture, and received the note from Zimmerman who considered herself the 75 percent owner of the business. On January 29, 2009, Scott filed suit against Zimmerman for breach of contract and unjust enrichment, alleging that he had never received any payment from her, despite multiple requests to her for payment. One of the issues in the case was whether the promissory note was a valid note. Did the absence of a named payee invalidate the note?