Case Problem:
On August 10, 2008, Theta Electronic Laboratories, Inc. executed a promissory note to George and Marguerite Thomson. Six other individuals, Gerald Exten, Emil O’Neil, and James Hane, and their wives also indorsed the note. The Thomsons then transferred the note to Hane on November 26, 2010. Although a default occurred at this time, it was not until April 2011 that Hane gave notice of the dishonor and made a demand for payment on the Extens as indorsers. Are the Extens liable under their indorser’s liability?
Your answer must be, typed, double-spaced, Times New Roman font (size 12), one-inch margins on all sides, APA format and also include references.