“ ‘THE LAW ON NEGOTIABLE INSTRUMENTS Sec.6 ment in the hands of an innocent third party who may enforce the same notwithstanding the improper date. (Sec. 14.) Effect of omission of value. is usual to state in the instrument that it is given for Jue received” without specifying what that value is. But is not even necessary to state that value has been received for the instrument because consideration is presumed. Under paragraph 2 of Section 6, this should not mean to, alter or repeal any Iaw which requires in certain cases the value of the consideration to be stated in the instrument. We have no such law in the Philippines. it does not specify the stany value has been given therefor. in connection with ‘a negotiable instrument is not essential. The law refers to the wording of the instrument not consideration which if proved Effect of omission of place. be noted that Section 1 does not require a nego- specify the place where it is made or payable. However, Section 73 specifies where presentment for payment should be made when the place of payment is not specified. An instrument that does not specify the place of pay- ment is presumed to be payable at the place of residence or business of the maker or drawer, See.7 NEGOTIABLE INSTRUMENTS IN GENERAL “6 Form and Interpretation | Effect of presence of seal, Under American law, a sealed instrument is non- negotiable and is subject to the rules governing contracts, under seal. Under our law, there is no such distinction. (1) The fact that the instrument bears a seal does not destroy its negoti There is no difference in legal effect between sealed and unsealed private writings. I be included among respect to other property of the | Code.) Effect of designation of particular kind of current money payable. current money money which has fixed value in relation to our EXAMPLE: “I promise to pay to P Central Bank notes of P1,000 ‘The note is valid althoug! ‘of money, in which payment “designates a particular kind fo be made.” Sec. 7. When payable on demand. — An instru- ‘ment is payable on demand — Where it is expressed to be payable on or at sight, or on presentation; or which no time for payment is expressed.