Negotiable Instruments Law 4

NEGOTIABLE INSTRUMENTS LAW
Part I
Preliminaries
1. Memorize Section 1 of the Negotiable Instruments Law
Answer:
Legal Backup!eference:
". #efine a negotiable instrument accor$ing to the Supreme %ourt of the &hilippines.
Answer:
'. (hat isare the functions of negotiable instruments)
Answer:
*. (hat are the common forms of negotiable instruments)
Answer:
+. (hat is the important characteristic or feature of negotiable instruments)
Answer:
,. #efine a negotiable promissor- note.
Answer:
.. #efine a negotiable bill of e/change.
Answer:
0. #efine a negotiable check.
Answer:
Lesson 1 Promissory Notes
1. #efine a negotiable promissor- note.
Answer:
1
12. (hat are the special t-pes of promissor- notes)
Answer:
11. #efine a %ertificate of #eposit.
Answer:
1". (hat is a Bon$)
Answer:
1'. #efine a Bank Note.
Answer:
1*. (hat is a #ue Bill)
Answer:
Lesson 2- Bill o E!"#an$e
1+. #efine a negotiable Bill of 3/change.
Answer:
1,. 4i5e the special t-pes of bills of e/change.
Answer:
1.. #efine a tra$e acceptance bill.
Answer:
10. #efine a banker6s acceptance bill.
Answer:
11. Is a treasur- warrant negotiable)
Answer:
"2. Are postal mone- or$ers negotiable)
Answer:
"
"1. #efine a clean bill of e/change.
Answer:
"". (hat is a $ocumentar- bill)
Answer:
"'. %an a pa-ee enforce pa-ment on the bill against the $rawee to whom the bill is
a$$resse$7 if the $rawee $oes not accept the bill)
Answer:
"*. Ma- the bill of e/change be a$$resse$ to two or more $rawees)
Answer:
"+. #efine an inlan$ bill of e/change.
Answer:
",. #efine a foreign bill of e/change.
Answer:
".. 8n$er what circumstances ma- a bill be consi$ere$ a promissor- note)
Answer:
"0. (ho is a 9!eferee in case of Nee$:)
Answer:
"1. Is the hol$er $ut- boun$ to resort to the referee in case of nee$)
Answer:
Lesson % &#e"'
'2. #efine a negotiable check.
Answer:
'1. Name the special t-pes of checks.
'
Answer:
'". #efine a cashier6s check.
Answer:
''. #efine a manager6s check.
Answer:
'*. %an both cashier6s an$ manager6s checks be treate$ as promissor- notes)
Answer:
'+. #efine a Memoran$um check.
Answer:
',. #efine a crosse$ check.
Answer:
'.. (hat is the purpose of crossing a check)
Answer:
'0. (ho crosses a check)
Answer:
'1. In how man- wa-s ma- a check be crosse$)
Answer:
*2. (hen is a check sai$ to be crosse$ speciall-)
Answer:
*1. (hen is a check sai$ to be crosse$ generall-)
Answer:
*". (hat is a tra5eler6s check)
Answer:
*
*'. (hat is a certifie$ check)
Answer:
**. (hat is the effect of certification of a check)
Answer:
*+. (ho ma- procure a check to be certifie$)
Answer:
*,. (hat is the effect if the check is certifie$ procure$ b- the hol$er)
Answer:
*.. (hat is the effect of certification of the check procure$ b- the $rawer)
Answer:
*0. (hen $oes a check operate as an assignment of the fun$s of the $rawer with the
$rawee bank a5ailable for pa-ment)
Answer:
*1. (ithin what time shall a check be presente$ for pa-ment)
Answer:
+2. ;ow $o -ou call a check which is not presente$ for pa-ment within a reasonable
time after its issue)
Answer:
+1. (hen is a $rawer of a check $ischarge$ from liabilit- in the e5ent it has become
stale)
Answer:
+". (hat is the effect upon the liabilit- of the en$orser in case the check is not
presente$ for pa-ment within a reasonable time after its issuance)
Answer:
+
Lesson ( Re)*isites o Ne$otia+ility
+'. (hat are the essential re<uisites of a negotiable instrument)
Answer:
+*. (hat are the essential re<uisites of a negotiable promissor- note)
Answer:
++. (hat are the essential re<uisites of a negotiable bill of e/change)
Answer:
+,. (hat are the essential re<uisites of a negotiable check)
Answer:
Lesson , Writin$
+.. (hat constitutes in writing)
Answer:
+0. (hat is the $octrine of substantial compliance)
Answer:
+1. =or an instrument to be negotiable must it follow literall- the language of the
Negotiable Instruments Law)
Answer:
,2. (hat is the $ifference between written an$ printe$)
Answer:
Lesson - Si$nat*re
,1. (hat are the rules regar$ing signature)
Answer:
,
,". (hat is the general rule as to the liabilit- of a person whose signature $oes not
appear on the instrument)
Answer:
,'. (hat are the e/ceptions to this general rule)
Answer:
,*. (hat are re<uisites must be followe$ so that the agent in so signing his principal
will not be personall- liable)
Answer:
,+. Suppose an agent signs as follows: >Sg$.? @uan $e la %ruz
agent of &e$ro !e-es:
8n$er such signature who shall be liable)
Answer:
,,. (hat is meant b- 9$isclosure of the principal:)
Answer:
,.. Must $isclosure of the principal be ma$e alwa-s on the signature)
Answer:
,0. (hat is a signature per procuration)
Answer:
,1. ;ow is a signature per procuration ma$e)
Answer:
.2. (hat is the effect of a signature per procuration)
Answer:
.1. Ahe <uestion in this item was mo5e$ to &art ' of 4B as <uestion item 11
.". #efine forger-.
Answer:
.
.'. In how man- wa-s ma- forger- of a signature be $one)
Answer:
.*. (hat are the other forms of forger-)
Answer:
.+. 3/plain =rau$ in =actum.
Answer:
.,. ;ow is $uress amounting to forger- $one)
Answer:
... Supposing A represents himself to be @ose !e-es7 when in fact he is not. Ahrough
this misinterpretation A obtains from C a negotiable note pa-able to or$er of @ose !e-es.
Ahen A in$orses the note7 signing 9@DS3 !3E3S:. Is this forger-)
Answer:
.0. (hat are the effects of forger- of a signature on the instrument in general)
Answer:
.1. (ho are the persons preclu$e$ from setting up the $efense of forger-)
Answer:
02. If a broker or agent negotiates an instrument b- $eli5er- who shall be liable) Is it
the agent or the principal)
Answer:
Lesson .- Parties
01. (ho is a pa-ee) ;ol$er) Bearer)
Answer:
0". (ho is a maker)
Answer:
0
0'. (ho is a #rawer)
Answer:
0*. (ho is a $rawee)
Answer:
0+. (hat is a bank)
Answer:
0,. (ho is an acceptor)
Answer:
0.. (ho is an accommo$ation part-)
Answer:
00. (ho is an accommo$ate$ part-)
Answer:
01. ;ow man- kin$s of accommo$ation parties are there)
Answer:
12. Must an accommo$ation part- not recei5e an- consi$eration at all)
Answer:
11. (hat is the legal position of an accommo$ate$ part-)
Answer:
1". Is the accommo$ation part- liable to the accommo$ate$ part-)
Answer:
1'. Ao whom7 then shall an accommo$ation part- be liable on the instrument)
Answer:
Lesson .A Lia+ilities o Parties
1
1*. (hat kin$ of liabilit- has a maker)
Answer:
1+. (hat are the warranties of a maker)
Answer:
1,. (hat kin$ of liabilit- has the $rawer)
Answer:
1.. (hat warranties $oes $rawer make)
Answer:
10. (hat kin$ of liabilit- has the $rawee)
Answer:
11. As Acceptor7 what kin$ of liabilit- $oes he ha5e)
Answer:
122. (hat warranties $oes an acceptor make)
Answer:
121. In what respect $oes a maker $iffer from the acceptor as regar$s their primar-
liabilit-)
Answer:
Lesson / Un"on0itional Promise or Or0er
12". (hen is a promise or or$er consi$ere$ uncon$itional within the meaning of the
Act)
Answer:
12'. In the following instrument7 is the promise uncon$itional)
9I promise to pa- to the or$er of B &17222 out of the procee$s of the sale of m-
car. >Sg$.? 9A:
Answer:
12
12*. Suppose the fun$ state$ on the instrument is the source of reimbursement7 will the
promise or or$er remain uncon$itional)
Answer:
12+. Is the following instrument negotiable)
&a- to the or$er of B7 &+7222 on #ec. 17 110. an$ reimburse -ourself out of m- $eposit
with -ou. Ao: C >Sg$.? 9A:
Answer:
12,. (ill an in$ication of a particular account to be $ebite$ with the amount affect
negotiabilit-)
Answer:
12.. Is the following instrument negotiable):
9I promise to pa- to the or$er of B7 &+7222 in pa-ment of the car I purchase$ from B.
>Sg$.? 9A:
Answer:
120. If on the face of the instrument there are a$$itional pro5isions as something to be
$one or a$$e$7 will the instrument be negotiable)
Answer:
121. (hat is the test to $etermine whether a$$itional acts will or will not impair
negotiabilit-)
Answer:
112. (hat acts in a$$ition to pa-ment of mone- will not affect negotiabilit-)
Answer:
111. Is the following instrument negotiable)
9I promise to pa- to the or$er of B7 &17222 on #ec. 17 110.. In case of $efault I hereb-
authorize the sale of m- law books I ple$ge as a securit-. >Sg$.? 9A:
Answer:
11". (hat is meant b- 9confession of Fu$gment:)
Answer:
11
11'. If an instrument contains a confession of Fu$gment7 will the instrument remain
negotiable)
Answer:
11*. In case there is an option to re<uire something to be $one in lieu of mone- on the
instrument7 will it affect negotiabilit-)
Answer:
Lesson 1 S*m &ertain in Money
11+. (hat constitutes sum certain in mone-)
Answer:
11,. If the instrument contains the following:
9Ao pa- &17222 an$ all other sums $ue:7 is the sum certain in mone-)
Answer:
11.. (hat is meant b- the phrase 9state$ installments:)
Answer:
110. If the instrument contains the following: that the sum of &17222 is pa-able in two
e<ual installments:7 will that satisf- the state$ installments as re<uire$ b- the law)
Answer:
111. Suppose the phrase is the following:
9Ahe sum of &17222 pa-able in two e<ual monthl- installments to start on August 17
110.7: is the sum certain in mone-)
Answer:
1"2. ;ow $oes an acceleration clause affect the certaint- of the sum pa-able)
Answer:
1"1. (hat is meant b- 9e/change:)
Answer:
1"
1"". #oes the phrase 9with e/change: $estro- negotiabilit-)
Answer:
1"'. Suppose the instrument is pa-able in foreign currenc-7 will that $estro-
negotiabilit-)
Answer:
1"*. ;ow $oes the stipulation on costs an$ attorne-6s fees affect negotiabilit-)
Answer:
Lesson 12 3eman0
1"+. (hen is an instrument consi$ere$ pa-able on $eman$)
Answer:
@an. 127 110.
1",. I promise to pa- to the or$er of B7 &17222 on @an. 1+7 110..
>Sg$.? A
Ahis note thogh ma$e b- A last @an. 17 "212 was issue$ b- A to B onl- last @an. 107 "212.
when is this note pa-able)
Answer:
1".. But if the note abo5e was issue$ b- A to B last @an. 127 "212 but was onl-
in$orse$ b- B to % last @an. "2 "2127 when is it pa-ale)
Answer:
Lesson 11 4i!e0 3ate
1"0. (hat are the rules regar$ing fi/e$ $ate)
Answer:
Lesson 12 3etermina+le 4*t*re Time
1"1. (hen is an instrument sai$ to be pa-able at a $eterminable future time)
Answer:
1'
1'2. Ao what $oes the phrase 9after $ate: refer)
Answer:
1'1. Ao what $oes the phrase 9after sight: refer)
Answer:
1'". %an a promissor- note be ma$e pa-able either at a fi/e$ perio$ after $ate or after
sight)
Answer:
1''. %an a bill of e/change be $rawn pa-able at a fi/e$ perio$ after $ate or sight)
Answer:
1'*. If a bill of e/change pa-able 912 $a-s after sight: has been presente$ for
acceptance on Aug. 17 110. but at the same time it was refuse acceptance b- the $rawee7
when shall maturit- $ate be)
Answer:
1'+. If an instrument is pa-able on or before #ec. 17 110.7 can the maker be compelle$
to pa- before #ec. 17 110.)
Answer:
1',. (here the $eterminable future time specifie$ on the instrument is sure to happen
or is certain when it shall happen7 can the instrument be pa-able at a fi/e$ perio$ before
such e5ent)
Answer:
1'.. Suppose the e5ent mentione$ is 9$eath of a person:7 can the instrument be ma$e
pa-able before such e5ent)
Answer:
1'0. I promise to pa- to the or$er of B when C gets marrie$ to E7 Is the instrument
pa-able on a $eterminable future time)
Answer:
1*
Lesson 1% Or0er
1'1. In how man- wa-s ma- an instrument be ma$e pa-able to or$er)
1*2. Ao whose or$er ma- an instrument be $rawn)
Answer:
1*1. I promise to pa- to the or$er of the Areasurer &17222 on $eman$.
Is the abo5e instrument pa-able to or$er)
Answer:
1*". Must the pa-ee to whose or$er the instrument is pa-able be alwa-s name$)
Answer:
1*'. Ahere is no <uestion in this item as well as in item 1** in the gi5en 4B
1**.
1*+. %an -ou consi$er the note complete7 if it is pa-able to the or$er of the maker
himself)
Answer:
Lesson 1( Bearer
1*,. (hen is an instrument pa-able to bearer)
Answer:
1*.. #oes the Negotiable Instrument Law $istinguish between fictitious person an$ a
nonGe/isting person)
Answer:
1*0. (hat re<uisites must be present so that an instrument where the pa-ee name$
therein is fictitious or nonGe/isting be consi$ere$ pa-able to bearer)
Answer:
1*1. I promise to pa- to Santa %laus &+7222 on $eman$.
>Sg$.? 9A:
;ere A knows that his pa-ee is nonGe/isting7 is the instrument pa-able to bearer)
Answer:
1+
1+2. If an instrument pa-able to or$er has been in$orse$ in blank7 can it be
subse<uentl- negotiate$ b- mere $eli5er-)
Answer:
Lesson 1, R*les on &onstr*"tion
1+1. State the rules of construction where the instrument is ambiguous.
Answer:
1+". (hen are the abo5e rules applicable)
Answer:
Lesson 1- R*les Re$ar0in$ 3ate
1+'. (hat are the rules regar$ing $ate)
Answer:
1+*. Is $ate of issuance essential for negotiabilit-)
Answer:
1++. (hen is an instrument consi$ere$ anteG$ate$)
Answer:
1+,. (hen is the instrument consi$ere$ postG$ate$)
Answer:
1+.. #oes anteG$ating or postG$ating an instrument in5ali$ate the instrument)
Answer:
1+0. As of what $ate shall a person ac<uire title to an instrument which is anteG$ate$ or
postG$ate$ but not for an illegal or frau$ulent purpose)
Answer:
1,
1+1. 8n$er what instances ma- $ate of issuance or acceptance be inserte$ in the
instrument)
Answer:
1,2. (hat is the authorit- of the hol$er as regar$s the insertion of the $ate)
Answer:
1,1. (ill insertion of a wrong $ate in5ali$ate the instrument)
Answer:
Lesson 1. Omissions not Ae"tin$ Ne$otia+ility
1,". (hat factors ma- be omitte$ on the face of the instrument7 -et will not impair
negotiabilit-)
Answer:
1.

Negotiable Instruments Law 4

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NEGOTIABLE INSTRUMENTS LAW

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