Haik transferred his stock in Petrocomp , an oil exploration company, to Rowley in e x change for five $10,000 promissory notes. The notes were signed by Rowley and indorsed by Row ley's son, Stephen. Rowley failed to pay the notes when they became due.
No presentment for payment was made by Haik on the due date, nor was a timely notice of dishonor given to Rowley's son, St e phen. Could Haik hold Stephen liable on the notes as an indorser ? Explain.
Haik v. Rowley, 377 So.2d 391 (LA).