DISCUSSION 4 - Is it a Negotiable Instrument

Facts:The Venetian approved a credit line of $500,000 to Nehme. One day, while gambling at the Venetian, Nehme signed a casino marker for $500,000 payable to the Venetian. Nehme exchanged the marker for chips and lost all $500,000 worth of chips playing blackjack. Nehme then left the Venetian with the marker outstanding. The Venetian presented the $500,000 marker to Bank of America, the bank specified on the marker, but the marker was returned for insufficient funds. The Venetian sued Nehme for failure to pay a negotiable instrument.

Issue:Is the Venetian's casino marker signed by Nehme a negotiable instrument under the Nevada Uniform Commercial Code? If not, why not? If it is, why is it a Negotiable Instrument?

Assuming it is a Negotiable Instrument, even if you do not believe it is one, what arguments can the Venetian use to enforce the Negotiable Instrument?