Vdocuments MX Negotiable Instruments Law Memory Aid 558450eba4f79

LEX LEONUM FRATERNITAS
1968
NEGOTIABLE INSTRUMENTS LAW b. may be negotiated only once, to

MEMORY AID one who has an acct. with a bank
c. warning to holder that check has
BASED ON THE OUTLINE OF THE 1994 EDITION OF CAMPOS & been issued for a definite purpose
CAMPOS
so that he must inquire if he
CONTENTS received check pursuant to such
purpose, otherwise not HDC
DEFINITIONS P1  kinds:
NEGOTIABILITY P1 a. general (no word between lines, or
TRANSFER P2 “co” between lines)
HOLDER IN DUE COURSE P3 b. special (name of bank appearing
DEFENSES AND EQUITIES P4 between parallel lines)
LIABILITIES OF PARTIES P5
DISCHARGE P8 BEARER
Person in possession of a bill/note payable to
bearer
DEFINITIONS
HOLDER
NEGOTIABLE INSTRUMENT Payee or indorsee of a bill or note who is in
possession of it, or the bearer thereof.
 Written contract for the payment of
money, by its form intended as
THE LIFE OF A NEGOTIABLE
substitute for money and intended to
INSTRUMENT:
pass from hand to hand to give the
1. issue
holder in due course the right to hold the
2. negotiation
same and collect the sum due
3. presentment for acceptance in certain bills
4. acceptance
PROMISSORY NOTE
5. dishonor by on acceptance
 unconditional promise in writing made
6. presentment for payment
by one person to another signed by the
7. dishonor by nonpayment
maker
8. notice of dishonor
 engaging to pay on demand, or at a 9. protest in certain cases
fixed or determinable future time a sum 10. discharge
certain in money to order or to bearer
 where a note is drawn to the maker’s
own order, it is not complete until NEGOTIABILITY
indorsed by him
REQUISITES
BILL OF EXCHANGE
1. in writing and signed by maker or
 unconditional order in writing addressed
drawer
by one person to another signed by the
 no person liable on the instrument whose
person giving it
signature does not appear thereon
 requiring the person to whom it’s
( subject to exceptions)
addressed to pay on demand or at a
 one who signs in a trade or assumed name
fixed or determinable future time a sum
liable to the same extent as if he had
certain in money to order or to bearer
signed in his own name
 check: bill of exchange drawn on a
 signature of any party may be made by a
bank payable on demand. Kinds of
duly authorized agent, no particular form of
checks:
appt. necessary
1. personal check
2. manager’s/cashier’s check – drawn
by a bank on itself. Issuance has the 2. unconditional promise or order to pay
effect of acceptance  unqualified order or promise to pay is
3. memorandum check – “memo” is unconditional though coupled with
written across its face, signifying that a. an indication of a particular fund out of
drawer will pay holder absolutely which reimbursement to be made, or a
without need of presentment particular account to be debited with
4. crossed check – amount, or
 effects: b. a statement of the transaction which
a. check may not be encashed but gives rise to the instrument
only deposited in bank
ACADEMIC ADVISERS: Political: Atty. Martinez ; Labor: Atty. Lorenzo ; Taxation: Atty. Cabaneiro ;
Criminal : Atty. Loyola ; Commercial : Atty. Loyola ;
Remedial: Atty. Perez ; Civil: Atty. Vista ; Legal Ethics: Atty. Loyola
Compiled and Edited by: Vice Amorsolo R. Camara Jr.
Through the indispensable efforts of San Beda and San Sebastian Brods
1968
 an order or promise to pay out of a  when the instrument is payable to order the
particular fund is not unconditional payee must be named or otherwise
indicated therein with reasonable certainty
a sum certain in money
 even if stipulated to be paid--- or bearer,
a. with interest, or  when expressed to be so payable
b. by stated installments, or  when payable to person named therein or
c. by stated installments with a bearer
provision that upon default in  when payable to order or fictitious/non-
payment of any installment/interest, existent person, and such fact known to the
the whole shall become due, or person making it so payable, or
d. with exchange, whether at a fixed  when name of payee doesn’t purport to be
rate or at the current rate, or the name of any person, or
e. with costs of collection or an  when the only/last indorsement is in blank
attorney’s fee, in case payment not
made at maturity 5. where addressed to drawee: such drawee
named/ indicated therein with
3. payable on demand, reasonable certainty
 when expressed to be payable on  bill may be addressed to two or more
demand, or at sight, or on presentation; drawees jointly, whether partners or not,
 when no time for payment expressed, but not to two or more drawees in the
or alternative or in succession
 where an instrument is issued, accepted  bill may be treated as a PN, at option of
or indorsed when overdue, it is, as holder, where
regards the person so issuing, a. drawer and drawee are same person
accepting, or indorsing it, payable on b. drawee is fictitious/incapacitated
demand
EFFECT OF ADDITIONAL PROVISIONS
or at a fixed or determinable future Gen. Rule: order/promise to do any act in
time addition to the payment of money renders
 when it’s expressed to be payable at a instrument non-negotiable.
fixed period after date or sight, or Exception: negotiability not affected by
 on or before a fixed or determinable provisions w/c
future time fixed therein, or 1. authorize sale of collateral security if
 on or at a fixed period after the instrument not paid at maturity
occurrence of a specified event which is 2. authorize confession of judgment…
certain to happen, though the time of 3. waives benefit of any law intended for
happening be uncertain advantage/protection of obligor
 an instrument payable upon a 4. give holder election to require something to
contingency not negotiable, and be done in lieu of money
happening of event doesn’t cure it
CONTINUATION OF NEGOTIABLE
* relate to sec. 11 ( presumption as to CHARACTER
date) and sec. 17 (construction where Until
instrument ambiguous) 1. restrictively indorsed
* note effect of acceleration provisions, p. 2. discharged by payment or otherwise
30 Campos
* note effect of provisions extending time of
payment, p. 40 Campos TRANSFER
4. payable to order DELIVERY

 where it is drawn payable to the order of  NI incomplete and revocable until delivery
a specified person or to him or his order. for the purpose of giving effect thereto
May be drawn payable to order of ---  as between
a. a payee not the a. immediate parties
maker/drawer/drawee, or b. a remote party other than holder in due
b. drawer or maker, or course
c. drawee, or delivery, to be effectual, must be made by
d. two or more payees jointly, or or under the authority of the party
e. holder of an office for time being making/drawing/accepting/indorsing
1968
 in such case delivery may be shown to by writing over the signature of the indorser
have been conditional, or for a special in blank any contract consistent with the
purpose only, and not for the purpose of character of the indorsement
transferring the property in the
instrument B. as to kind of title transferred
1. restrictive
PRESUMPTION OF DELIVERY  prohibits further negotiation of instrument,
Where the instrument is no longer in the  constitutes indorsee as agent of indorser,
possession of a party whose signature or
appears thereon, a valid and intentional  vests title in indorsee in trust for another
delivery by him is presumed until the  rights of indorsee in restrictive ind.:
contrary is proved (*if in the hands of a  receive payment of inst.
HDC, presumption conclusive)  Bring any action thereon that indorser
could bring
NEGOTIATION  Transfer his rights as such indorsee,
 When an instrument is transferred from but all subsequent indorsees acquire
one person to another as to constitute only title of first indorsee under
the transferee the holder thereof. restrictive indorsement
 If payable to BEARER, negotiated by 2. non-restrictive
delivery; if payable to ORDER,
negotiated by indorsement of holder + C. as to kind of liability assumed by indorser
delivery 1. qualified-constitutes indorser as mere
assignor of title (eg. “without recourse”)
INDORSEMENT 2. unqualified
 Indorser generally enters into two
contracts: D. as to presence/absence of express
1. sale or assignment of instrument limitations put by indorser upon primary
2. to pay instrument in case of default obligor’s privileges of paying the holder
of maker 1. conditional – additional condition annexed
 Sec. 31 (how indorsement made) to indorser’s liability.
 Sec. 41 (where payable to two or more)  Where an indorsement is conditional, a
 Sec. 43 (indorsement where name party required to pay the instrument
misspelled) may disregard the condition, and make
 Sec. 48 (cancellation of indorsement) payment to the indorsee or his
 Sec. 45, 46 (presumptions) transferee, whether condition has been
 Indorsement must be of entire fulfilled or not
instrument. (can’t be indorsement of  Any person to whom an instrument so
only part of amount payable, nor can it indorsed is negotiated will hold the
be to two or more indorsees severally. same/proceeds subject to rights of
But okay to indorse residue of partially person indorsing conditionally
paid instrument) 2. unconditional
 Sec. 67 (liability of indorser where paper
negotiable by delivery) INDORSEMENT OF BEARER INST.
 Sec. 63 (when person deemed indorser)  Where an instrument payable to bearer is
indorsed specially, it may nevertheless be
KINDS OF INDORSEMENT further negotiated by delivery
A. as to manner of future method of  Person indorsing specially liable as
negotiation indorser to only such holders as make title
1. special – specifies the person to through his indorsement
whom/to whose order the instrument is
to be payable; indorsement of such UNINDORSED INSTRUMENTS
indorsee is necessary to further  Where holder of instrument payable to his
negotiation. order transfers it for value without
2. Blank – specifies no indorsee, indorsing, transfer vests in transferee
instrument so indorsed is payable to 1. such title as transferor had therein
bearer, and may be negotiated by 2. right of tranferee to have indorsement of
delivery transferor
 for purposes of determining HDC
 the holder may convert a blank negotiation effective upon actual
indorsement into a special indorsement indorsement
1968
Exception: holder who derives title through

HDC and who is not himself a party to any
HOLDER IN DUE COURSE fraud or illegality has all rights of such former
holder in respect to all parties prior to the latter.
HOLDER
Sec. 191 WHO DEEMED HDC
 prima facie presumption in favor of holder
RIGHTS OF HOLDER  but when shown that title of any person
1. sue thereon in his own name who has negotiated instrument was
2. payment to him in due course defective (sec. 55—when title defective):
discharges instrument burden reversed (now with holder)
 but no reversal if party being made liable
HOLDER IN DUE COURSE: REQUISITIES became bound prior to acquisition of
1. complete and regular upon its face defective title (i.e., where defense is not his
 sec. 124 (effect of alteration) own)
 sec. 125 (what constitute material
alterations)
2. holder became such before it was DEFENSES AND EQUITIES
overdue, without notice of any previous
dishonor KINDS OF DEFENSES
 sec. 53 (demand inst. nego after 1. real defense – attaches to instrument; on
unreasonable length of time: not the principle that the right sought to be
HDC) enforced never existed/there was no
 sec. 12 (effect contract at all
antedating/postdating) 2. personal defense – growing out of
3. taken in good faith and for value agreement; renders it inequitable to be
 sec. 24 (presumption of enforced vs. defendant
consideration)
 sec 25 (definition. of value) DEFENSES
 sec. 26 (definition. holder for value) 1. INCAPACITY: real; indorsement/assign by
 sec. 27 (lien as value) corp/infant: passes property but corp/infant
4. at time negotiated to him, he had no no liability
notice (sec. 56-def; 54-notice before
full amt. paid) of --- 2. ILLEGALITY: personal, even if no K
a. infirmity in instrument because void under CC 1409
b. defect in title of person negotiating
1. instrument/signature obtained 3. FORGERY: real (lack of consent):
through fraud, etc., illegal a. forged
consideration/means, or b. made without authority of person
2. instrument negotiated in breach whose signature it purports to be
of faith, or fraudulent
circumstances General Rule:
a. wholly inoperative
RIGHTS OF HOLDER IN DUE COURSE b. no right to retain instrument, or give
1. holds instrument free of any defect of discharge, or enforce payment vs. any
title of prior parties party, can be acquired through or under
2. free from defenses available to prior such signature (unless forged signature
parties among themselves unnecessary to holder’s title)
3. may enforce payment of instrument for Exception:
full amount, against all parties liable unless the party against whom it is
sought to enforce such right is precluded
* if in the hand of any holder (note definition from setting up forgery/want of authority
of holder) other than a HDC, vulnerable to precluded:
same defenses as if non-negotiable a. parties who make certain
warranties, like a general indorser
RIGHTS OF PURCHASER FROM or acceptor
HOLDER IN DUE COURSE b. estopped/negligent parties
General Rule: in the hands of any holder
other than a HDC, NI is subject to same * note rules on Acceptance/Payment Under
defenses as if it were non-negotiable. Mistake as applied to:
1968
1. overdraft against any person whose signature was

2. stop payment order placed thereon before delivery
3. forged indorsements
10. INCOMPLETE, DELIVERED
4. MATERIAL ALTERATION  Personal defense (sec. 14)
 Where NI materially altered w/o assent  2 Kinds of Writings:
of all parties liable thereon, avoided, 1. Where instrument is wanting in any
except as vs. a material particular: person in possession
1. party who has himself made, has prima facie authority to complete it by
authorized or assented to alteration filing up blanks therein
2. and subsequent indorsers. 2. Signature on blank paper delivered by
 But when an instrument has been person making the signature in order that
materially altered and is in the hands of the paper may be converted into a NI:
a HDC not a party to the alteration, HDC prima facie authority to fill up as such for
may enforce payment thereof according any amount
to orig. tenor  In order that any such instrument, when
 Material Alteration completed, ma be enforced vs. any person
1. change date who became a party thereto prior to its
2. sum payable, either for principal or completion:
interest 1. must be filled up strictly in accordance
3. time of payment w/ authority given
4. number/relations of parties 2. within a reasonable time
5. medium/currency of payment, adds  but if any such instrument after completion
place of payment where none specified, is negotiated to HDC, it's valid for all
other change/addition altering effect of purposes in his hands, he may enforce it as
instrument in any respect if it had been filled up properly
*material alteration a personal defense

when used to deny liability according to org. LIABILITIES OF PARTIES
tenor of instrument, but real defense when
relied on to deny liability according to A. PRIMARY PARTIES
altered terms.  Person primarily liable: person who by the
terms of the instrument is absolutely
6. FRAUD required to pay the same.
a. fraud in execution: real defense (didn’t  Sec. 70 (effect of want of demand on
know it was NI) principal debtor)
b. fraud in inducement: personal defense
(knows it’s NI but deceived as to 1. Liability of Maker
value/terms) a. Promises to pay it according to its tenor
b. admits existence of payee and his then
7. DURESS capacity to indorse
 Personal, unless so serious as to give
rise to a real defense for lack of 2. Status of drawee prior to acceptance or
contractual intent payment
 sec. 127 (bill not an assignment of funds in
8. COMPLETE, UNDELIVERED hands of drawee)
INSTRUMENT  sec. 189 (when check operates as
 Personal defense (sec. 16) assignment)
 If instrument not in poss. Of party who
signed, delivery prima facie presumed 3. Liability of Acceptor
 If holder is HDC, delivery conclusively  Promises to pay inst according to its tenor
presumed  Admits the following:
a. existence of drawer
9. INCOMPLETE, UNDELIVERED b. genuineness of his signature
INSTRUMENT c. his capacity and authority to draw the
 Real defense (sec. 15) instrument
 Instrument will not, if completed and d. existence of payee and his then
negotiated without authority, be a valid capacity to endorse
contract in the hands of any holder, as  sec. 191, 132, 133, 138 --- formal
requisites of acceptance
1968
 sec. 136, 137, 150 --- constructive d. he had no knowledge of any fact w/c would
acceptance impair validity of instrument or render it
 sec. 134, 135 --- acceptance on a valueless
separate instrument  in case of negotiation by delivery only,
 Kinds of Acceptance: warranty only extends in favor of
1. general immediate transferee
2. qualified
a. conditional  Liability of a General or Unqualified
b. partial Indorser
c. local a. instrument genuine, good title, capacity of
d. qualified as to time prior parties
e. not all drawees b. instrument is at time of indorsement valid
and subsisting
* sec. 142 (rights of parties as to c. on due presentment, it shall be accepted or
qualified acceptance) paid, or both, according to tenor
d. if it be dishonored, and necessary
 Certification: Principles proceedings on dishonor be duly taken, he
1. when check certified by bank on which will pay the amt. To holder, or to any
it’s drawn, equivalent to acceptance subsequent indorser who may be
2. where holder of check procures it to be compelled to pay it
accepted/certified, drawer and all
indorsers discharged from al liability  Order of Liability among Indorsers
3. check not operate as assignment of any 1. among themselves: liable prima facie in the
part of funds to credit of drawer with order they indorse, but proof of another
bank, and bank is not liable to holder, agreement admissible
unless and until it accepts or certifies 2. but holder may sue any of the indorsers,
check regardless of order of indorsement
4. certification obtained at request of 3. joint payees/indorsees deemed to indorse
drawer: secondary parties not released jointly and severally
5. bank which certifies liable as an
acceptor 4. Liability of Accomodation Party
6. checks cannot be certified before  Definition: one who signed instrument as
payable maker/drawer/acceptor/ indorser w/o
receiving value thereof, for the purpose of
B. SECONDARY PARTIES lending his name to some other person
1. Liability of Drawer  AP liable on the instrument to holder for
a. Admits existence of payee and his then value even if holder, at time of taking
capacity to endorse instrument, knew he was only an AP
b. Engages that on due presentment  Liability of Irregular Indorser
instrument will be accepted, or paid, or  Where a person not otherwise a party
both, according to its tenor and that to an instrument, places thereon his
c. If it be dishonored, and the necessary signature in blank before delivery, he’s
proceedings on dishonor be duly taken, liable as an indorser, in accordance w/
he will pay the amount thereof to the these rules:
holder or to an subsequent indorser who 1. Instrument payable to order of 3rd
may be compelled to pay it person: liable to payee and to all
subsequent parties
 drawer may insert in the instrument an 2. Instrument payable to the order of
express stipulation negativing / limiting maker/drawer, or payable to bearer:
his own liability to holder liable to all parties subsequent to
maker/drawer
2. Liability of Indorsers: 3. Signs for accommodation of payee,
liable to all parties subsequent to
 Qualified Indorser and one payee
Negotiating by Delivery  Sadaya v Sevilla Rules:
a. Instrument genuine, in all respects what 1. a joint and several accommodation maker
it purports to be of a negotiable promissory note may
b. good title demand from the principal debtor
c. all prior parties had capacity to contract reimbursement for the amt. That he paid to
the payee
1968
2. a joint and several accommodation 3. facts of each case

maker who pays on the said promissory
note may directly demand How and When Made Sec. 145, 146, 147
reimbursement from his co- When Excused Sec. 148
accommodation maker without first
directing his action vs. the principal Dishonor and Effects
debtor provided:  sec. 149 (when dishonored by non-
a. he made the payment by virtue of a acceptance)
judicial demand  sec. 150 (duty of holder where bill not
b. or the principal debtor is insolvent accepted)
 sec. 151 (rights of holder where bill not
4. Liability of an Agent accepted)
 Signature of any party may be made by  sec. 89 (to whom notice of dishonor must
duly authorized agent, establish as in be given)
ordinary agency  sec. 117 (effect of omission to give notice
 Where instrument contains or a person of non-acceptance)
adds to his signature words indicating
that he signs for or on behalf of a II. For Payment
principal, he is not liable on the Where necessary Sec. 70
instrument if he was duly authorized, but Where not necessary Sec. 79, 80, 82, 151, 111
the mere addition of words describing Date and time of presentment of instrument
him as an agent without disclosing his bearing fixed maturity Sec. 71, 85, 86, 194
principal, does not exempt from
personal liability. Date of presentment
 Signature per procuration operates as  Where instrument not payable on demand:
notice that the agent has but a limited presentment must be made on date it falls
authority to sign, and the principal is due
bound on ly in case the agent in so  Where payable on demand: presentment
signing acted within the actual limits of must be made within reasonable time after
his authority issue, except that in case of a bill of
 Where a broker or agent negotiates an exchange, presentment for payment will be
instrument without indorsement, he sufficient if made within a reasonable time
incurs all liabilities in Sec. 65, unless he after last negotiation (but note: though
discloses name of principal and fact that reasonable time from last negotiation, it
he’s only acting as agent may be unreasonable time from issuance
thus holder may not be HDC under sec. 71)
I. Presentment For Acceptance  Check must be presented for payment
within reasonable time after its issue or
When presentment for acceptance must drawer will be discharged from liability
be made thereon to extent of loss caused by delay
1. bill payable after sight, or in other cases
where presentment for acceptance Delay excused Sec. 81
necessary to fix maturity Manner Sec. 74, 72, 75
2. where bill expressly stipulates that it Place Sec. 73
shall be presented for acceptance To Whom Sec. 72, 76, 77, 78
3. where bill is drawn payable elsewhere Dishonor by nonpayment Sec. 83, 84
than at residence / place of business of
drawee Notice of Dishonor
General rule: to drawer and to each indorser,
When failure to present releases and any drawer or indorser to whom such
drawer/indorser notice is not given is discharged
Failure to present for acceptance of
negotiate bill of exchange within reasonable Form, Contents, Time Sec. 95, 96, 102, 103,
time 104, 105, 106, 108, 113
Reasonable Time By Whom Given
Must consider  By or on behalf of the holder or any party to
1. nature of instrument the instrument who may be compelled to
2. usage of trade or business with respect pay it to the holder, and who, upon taking it
to instrument up, would have a right to reimbursement
1968
from the party to whom the notice is Sec. 161, 131, 171
given
 Notice of dishonor may be given by an Bills in Set: 178-183
agent either in his own name or in the
name of any party entitled to give notice,
whether that party be his principal or not DISCHARGE
 Where instrument has been A. Of the Instrument
dishonored in hands of agent, he 1. payment in due course by or on behalf of
may either himself give notice to the principal debtor
parties liable thereon, or he may  Payment in due course:
give notice to his principal (as if 1. made at or after maturity
agent an independent holder) 2. to the holder thereof
3. in good faith and without notice that his
In whose favor notice operates title is defective
1. when given by/on behalf of holder: 2. payment in due course by party
insures to benefit of accommodated where party is made/
a. all subsequent holders and accepted for accommodation
b. all prior parties who have a right of 3. intentional cancellation by holder
recourse vs. the party to whom it’s  if unintentional or under mistake or
given without authority of holder, inoperative.
2. where notice given by/on behalf of a Burden of proof on party which alleges
party entitled to give notice: insures for it was unintentional, etc.
benefit of a. holder , and 4. any other act which discharges a simple
b. all parties subsequent to party to contract
whom notice given 5. principal debtor becomes holder of
instrument at or after maturity in his own
Waiver Sec. 109, 110 right
6. renunciation of holder:
Where not necessary to charge drawer  holder may expressly renounce his
1. drawer/drawee same person rights vs. any party to the instrument,
2. drawee fictitious, incapacitated before or after its maturity
3. drawer is person to whom instrument is  absolute and unconditional renunciation
presented for payment of his rights vs. principal debtor made
4. drawer has no right to expect/require at or after maturity discharges the
that drawee/acceptor will honor instrument
instrument  renunciation does not affect rights of
5. drawer countermanded payment HDC w/o notice.
 Renunciation must be in writing unless
Where not necessary to charge indorser instrument delivered up to person
1. drawee fictitious, incapacitated, and primarily liable thereon
indorser aware of the fact at time of 7. material alteration (sec. 124: material
indorsement alteration w/o assent of all parties liable
2. indorser is person to whom instrument avoids instrument except as against party
presented for paymt to alteration and subsequent indorsers)
3. instrument made/accepted for his
accommodation B. Of secondary parties
1. any act which discharges the instrument
Protest 2. intentional cancellation of signature by
Definition: testimony of some proper person holder
that the regular legal steps to fix the liability 3. discharge of prior party
of drawer and indorsers have been taken 4. valid tender of payment made by prior party
5. release of principal debtor, unless holder’s
When necessary: sec. 152, right of recourse vs. 2ndary party reserved
Form and contents: sec. 153 6. any agreement binding upon holder to
By whom made: sec. 154 extend time of payment, or to postpone
Time and Place: sec. 155, 156 holder’s right to enforce instrument, unless
For better security: sec. 158 made with assent of party secondarily
Excused: sec. 159 liable, or unless right of recourse reserved.
Waiver: sec. 111 8. Failure to make due presentment (sec. 70,
144)
Acceptance for Honor
1968
9. failure to give notice of dishonor

10. certification of check at instance of
holder
11. reacquisition by prior party
 where instrument negotiated back to
a prior party, such party may reissue
and further negotiate, but not entitled
to enforce payment vs. any
intervening party to whom he was
personally liable
 where instrument is paid by party
secondarily liable, it’s not
discharged, but
a. the party so paying it is remitted
to his former rights as regard to
all prior parties
b. and he may strike out his own
and all subsequent
indorsements, and again
negotiate instrument, except
 where it’s payable to order of
3rd party and has been paid
by drawer
 where it’s made/accepted for
accommodation and has
been paid by party
accommodated

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LEX LEONUM FRATERNITAS

NEGOTIABLE INSTRUMENTS LAW b. may be negotiated only once, to

4. payable to order DELIVERY

Exception: holder who derives title through

1. overdraft against any person whose signature was

*material alteration a personal defense

2. a joint and several accommodation 3. facts of each case

9. failure to give notice of dishonor

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