Gifts. Hugh Chalmers issued a promissory note to his father in the amount of $50,000, plus interest. The note was secured by a deed of trust on certain real estate and was payable on demand or within sixty days of the father's death. More than seventeen
years later, the father assigned the deed of trust to his wife, Nina. The existence of the note was mentioned in the assignment, which was recorded in the appropriate state office with the deed of trust. After the father died, Nina found the note in a safe-deposit box. On the back of the note, the father had indorsed the note to Nina. When Chalmers refused to pay the amount due, Nina filed a lawsuit in an Arkansas state court against him. Chalmers argued that the note had not been effectively delivered. What should the court hold? Discuss.
Gifts
The trial court held, among other things, that the note was effectively delivered, and Chalmers appealed. The Supreme Court of Arkansas affirmed the trial court's decision. The state's high-est court pointed to the indorsement on the back of the note in favor of Nina Chalmers and the assignment by the father of the note and deed to his wife by recording the assignment to her of the deed of trust. "The assignment mentioned the note as well." The court compared the deliv-ery of the note to "the assignment of certificates of stock to a donee by a holder [which] is tan-tamount to delivery of the stock, although manual delivery may be wanting."
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