Real defenses are those Personal Defenses are

that attach to the available only against the

instrument and are
available against all holders,
whether in due course or
not, but only by the party or
parties entitled to raise
them.
holder not in due course
who stands in privity with
the party who is entitled to
set it up or those who are
not or do not have the rights
of a holder in due course.

- Minority/Incapacity - Failure or absence of

- Forgery
- Non-delivery of incomplete
instrument
- Material Alteration
- Ultra Vires Act of
Corporation
- Fraud in Factum or Esse
Contractus
- Illegality – if declared void
for any purpose
- Vicious force or violence
- Want of authority
- Prescription
- Discharge in insolvency
consideration
- Illegal consideration
- Non-delivery of complete
instrument
- Conditional delivery of
complete instrument
- Fraud in inducement
- Filling up blank not in
authority
- Duress or intimidation
- Filling up blank beyond
reasonable time
- Transfer in breach of faith
- Mistake
- Insertion of wrong date
- Ante-dating or post-dating
for illegal or fraudulent
purposes

Terms:

Holder in due course – a holder who has taken the instrument

under the following conditions: (1) that it is complete and
regular upon its face; (2) That he became a holder of it before
it was overdue and without notice that it had been previously
dishonored, if such was the fact. (3)That he took it in good
faith and for value; (4) That at the time it was negotiated to
him, he had no notice of any infirmity in the instrument or
defect in the title of the person negotiating it.