Sugar Confectionery Ltd. borrowed a sum of money from its banker, the Big Business Bank, to purchase

Sugar Confectionery Ltd. borrowed a sum of money from its
banker, the Big Business Bank, to purchase certain production equipment. The
promissory note that the bank prepared and that James Anawak, the president of
the corporation, signed, reads as follows: April 1, 2011 I hereby promise to
pay on demand to the Big Business Bank, Metro Branch, the sum of Fifty Thousand
Dollars ($50,000) together with interest thereon at 10 percent per annum
calculated from April 1st, 2011, until the date of payment. Value Received
James Anawak President The bank placed the $50,000 in the Sugar Confectionary
»

Sugar Confectionery Ltd. borrowed a sum of money from its
banker, the Big Business Bank, to purchase certain production equipment. The
promissory note that the bank prepared and that James Anawak, the president of
the corporation, signed, reads as follows: April 1, 2011 I hereby promise to
pay on demand to the Big Business Bank, Metro Branch, the sum of Fifty Thousand
Dollars ($50,000) together with interest thereon at 10 percent per annum
calculated from April 1st, 2011, until the date of payment. Value Received
James Anawak President The bank placed the $50,000 in the Sugar Confectionary
Ltd. bank account, and the corporation drew a cheque on the amount to pay the
equipment supplier. Some months later, the shareholders of Sugar Confectionary
Ltd. removed James Anawak as president of the company and elected Jane Bellamy
in his place. Shortly thereafter, the Big Business Bank endorsed the note to
Big Finance Company in return for the sum of $48,000. On September 1st, Big
Finance Company contacted Sugar Confectionery Ltd. and demanded payment. Sugar
Confectionery Ltd. refused to pay and stated that it was not indebted to Big
Finance Company or, for that matter, to any other creditor. Discuss this
situation, evaluate the claim of Sugar Confectionery Ltd., and outline the
nature of the arguments the parties might raise if the matter should come
before a court. Render a decision.

»

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