note by which it would appear that Tate had the responsibility
of maker, but with Fitch agreeing to pay the instrument when
due. Accordingly, they executed the following instrument:
December 1, 2018
Thirty days after date and for value received, I promise
to pay to the order of Frank Fitch the sum of $60,000.
(signed) Timothy Tate
On the back of the note, Fitch indorsed, “Pay to the order of
Farmers Bank of Erehwon /s/ Frank Fitch” and delivered it to
the bank in exchange for $60,000.
a. When the note was not paid at maturity, may the bank,
without first demanding payment by Fitch, recover in an
action on the note against Tate? Why or why not?
b. If Tate voluntarily pays the note to the bank, may he then
recover on the note against Fitch, who appears as an
indorser? Why or why not?