Question
24-1.Bearer Instruments.Gilbert Ramirez claimed that he had purchased a winning lottery ticket, the prize for which was approximately $1.5 million.Unfortunately, Ramirez had lost the ticket
24-1.Bearer Instruments.Gilbert Ramirez claimed that he had purchased a winning lottery ticket, the prize for which was approximately $1.5 million.Unfortunately, Ramirez had lost the ticket itself and therefore could not claim the prize.Even though the evidence indicated that he very likely was indeed the purchaser of the winning ticket, under the state lottery rules, he could not claim the prize unless he produced the winning ticket.In a legal action brought by Ramirez against the state lottery bureau, Ramirez claimed, among other things, that the lottery ticket was a negotiable instrument because on the back of each lottery ticket were the following words: "THIS TICKET IS A BEARER INSTRUMENT SO TREAT IT AS IF IT WERE CASH."Because the owner of a lost negotiable instrument can collect on the instrument if certain requirements are metsuch as establishing proof of ownership, the terms of the instrument, and so onRamirez argued that he should be allowed to claim the prize if he could meet these requirements.Discuss fully whether Ramirez will succeed in his claim that the lottery ticket was a negotiable instrument.[Ramirez v. Bureau of State Lottery, 186 Mich.App. 275, 463 N.W.2d 245 (1990)]
I have this information so far:
A bearer instrument is "Any instrument that is not payable to a specific person, including instruments payable to the bearer or to "cash."
a bearer is "A person in the possession of an instrument payable to bearer or indorsed in blank."
I also need to know if this follows under any UCC and if so , which section does it fall under?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started