Warrant meet the requirement for negotiable instrument

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Reference no: EM13855956

The state of Alaska was a tenant in a large office owned by Univentures, a partnership. The state made a lease payment of $28,143.47 to Univentures with state treasury warrant No. 21045102. Charles LeViege, the managing partner of Univentures, assigned the warrant to Lee Garcia. A dispute then arose among the Univentures partners, and the company notified the state that it should no longer pay LaViege the rent. The state placed a stop payment order on the warrant. Garcia claimed that he was a holder of a negotiable instrument and that the state owed him the money. The state claimed that a warrant did not qualify as a negotiable instrument. The warrant was in writing, was signed by the governor of the state, provided a definite um of $28,143.47, and stated that “it will be deemed paid unless redeemed within two years after the date of issue.” The warrant stated that it was “payable to the order of Univentures.” Does the warrant meet the requirement for a negotiable instrument?

Reference no: EM13855956

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