Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Robert borrowed $900k on behalf of his company, RRR&G. Robert signed a promissory note payable to Farmers Bank of Delaware on behalf of the corporation

Robert borrowed $900k on behalf of his company, RRR&G. Robert signed a promissory note payable to Farmers Bank of Delaware on behalf of the corporation and as a personal guarantor. Farmers Bank had financial difficulty, and as a result it sold many of its notes to the FDIC. Among these notes purchased by the FDIC was the RRR&G note, which was guaranteed by Robert. RRR&G filed for bankruptcy, and the FDIC sued Robert personally for payment of the $900k owed. The FDIC presented photocopies of the promissory note and personal guaranty. Robert objected to these copies being admitted as evidence, since they were not the original notes. Should the photocopies be admitted into evidence in lieu of the original note and guaranty agreement? Why?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

International Financial Management

Authors: Cheol Eun, Bruce G. Resnick

2nd Edition

0072318252, 9780072318258

More Books

Students also viewed these Finance questions

Question

5.2 Summarize the environment of recruitment.

Answered: 1 week ago