4 John Madera signed a promissory note payable to A. Duda & Sons, Inc, in the am

Question

4 John Madera signed a promissory note payable to A. Duda & Sons, Inc, in the amount of $47,872. The note began "for value received, we promise to pay A & Sons, Inc. ...."Madera signed the note beneath the name and address of Tomatoes, Inc., as follows: TOMATOES, INC 3118 Produce Row Houston, Texas 77023 /s/ John Madera When the note was not paid, Duda & Sons filed suit against Tomatoes and against Madera individually, alleg- ing that the two defendants were jointly and severally liable for the balance due on the note. Is Madera liable on the note in an individual capacity? Explain. . Duda

Explanation / Answer

No, Madera is not liable on the note in an individual capacity. As Madera and Tomatoes are the partners, so in case of jointly and severally liable, each of the partner is responsible for it. according to the Business law, if you are the partner in general then there would be mutually understanding about who can commit the partnership to a borrower and put the promissory note in writing. Both the partners are responsible for this.

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