1. A Question of EthicsPromissory Notes. Clarence Morgan, Jr., owned Easy Way Automotive, a car…

1. A
Question of EthicsPromissory Notes. Clarence
Morgan, Jr., owned Easy Way Automotive, a car dealership in DLo, Mississippi.
Easy Way sold a truck to Loyd Barnard, who signed a note for the amount of the
price payable to Trustmark National Bank in six months. Before the note came
due, Barnard returned the truck to Easy Way, which sold it to another buyer.
Using some of the proceeds from the second sale, Easy Way sent a check to
Trustmark to pay Barnards note. Meanwhile, Barnard obtained another truck from
Easy Way, financed through another six-month note payable to Trustmark. After

1. A
Question of EthicsPromissory Notes. Clarence
Morgan, Jr., owned Easy Way Automotive, a car dealership in DLo, Mississippi.
Easy Way sold a truck to Loyd Barnard, who signed a note for the amount of the
price payable to Trustmark National Bank in six months. Before the note came
due, Barnard returned the truck to Easy Way, which sold it to another buyer.
Using some of the proceeds from the second sale, Easy Way sent a check to
Trustmark to pay Barnards note. Meanwhile, Barnard obtained another truck from
Easy Way, financed through another six-month note payable to Trustmark. After
eight of these deals, some of which involved more than one truck, an Easy Way
check to Trustmark was dishonored. In a suit in a Mississippi state court,
Trustmark sought to recover the amounts of two of the notes from Barnard.
Trustmark had not secured titles to two of the trucks covered by the notes,
however, and this complicated Barnards efforts to reclaim the vehicles from
the later buyers. [Trustmark National Bank v. Barnard, 930 So.2d 1281
(Miss.App. 2006)] (See Types of Negotiable Instruments.)

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