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Negotiable Instruments Law 2nd Semester, AY 2019 - 2020
I. INTRODUCTION
a. Definition
b. Functions
i. Bill vs Notes
A. General Principles
2. Effect of estoppel
Banco de Oro vs. Equitable Banking Corp. (157 SCRA 188, 1988)
Phil. Bank of Commerce vs Aruego (102 SCRA 530, 31 January 1981)
a. It must be in writing and signed by the maker or drawer (Sec. 191, NIL)
e. The drawee must be named or indicated with reasonable certainty (Sec 1e, 130, NIL)
5. Interpretation of Instruments
B. Negotiation
e. Absolute
10. Presumption on time and place of Indorsement (Sec. 45, 46, NIL)
C. Consideration
D. Holders
2. Holders in Due Course (Sec. 52, 53, 54, 55, 56, 88, NIL)
e. Good faith
6. Rights of Holders Not in Due Course (Sec. 14, 16, 51, 53, NIL)
2. Payment by party secondary liable (sec. 68, 70, 84, 89, 118, 120, 151, 184, NIL)
3. Liability vs Warranties
F. Defenses
1. Real vs Personal
2. Real Defenses
Samsung Construction vs Far East Bank (GR No. 129015, 15 Aug 2003)
PNB vs Quimpo (158 SCRA 582, 14 March 1988)
Banco de Oro vs. Equitable Banking (GR No. 74917, 20 Jan 1988)
Westmont Bank vs. Eugene Ong (GR No. 132250, 30 Jan 2002)
Ilusorio vs CA (GR No. 139130, 27 Nov 2002)
Traders Royal Bank vs RPN (GR No. 138510, 10 October 2002)
BPI vs CA (GR No. 102383, 26 Nov 1992)
f. Extinctive Prescription
g. Illegality
3. Personal Defenses
e. Simple fraud, duress, intimidation, force or fear, illegality of consideration, breach of faith
(Sec. 55, 56, 57, NIL)
g. Fraud in inducement
G. Enforcement of Liability
a. Promissory Notes
b. Bills of Exchange
iii. If accepted
(b) Protest
a. Fixed date
b. Payable on demand
8. Presentment to party primarily liable (Sec. 60, 62, 74, 76, 77, 78 NIL)
11. Liability of person secondarily liable when instrument dishonored (Sec. 84, NIL)
a. How made (Sec. 132, 133-135, 137, 145, 72, 75, NIL)
8. When Notice is not required, excused or dispensed with (Sec. 109-115, 118 NIL)
K. Protest
vs Ordinary Acceptance
A. Concept
3. Intentional Cancellation
E. Tender of Payment
G. Extension of Term
V. CHECKS
Banco de Oro Savings vs Equitable Banking Corp (157 SCRA 188, 1988)
D. Kinds of Checks
a. Kinds
E. Checks vs Bills
I. Philippine Clearing House Corp. Rules (RA 7653; New Central Bank Act, Sec. 102)
1. Relationship of parties
2. Warranties
3. 24-Hour Rule
Mesina vs IAC
2. BP 22