An instrument becomes negotiable when it possesses the characteristics of negotiability, that is: it must

be in writing and signed by the maker or drawer; must contain unconditional promise or order to pay
sum certain in money; must be payable on demand, or fixed or determinable future time; must be
payable to bearer or to order; and when it is addressed to drawee, he must be named or indicated with
reasonable certainty.

An instrument is payable to bearer when it is expressed to be so payable; when payable to a person

named therein or to bearer; when payable to order of fictitious or non existing person; when name of
payee does not purport to be the name of any person; or the only or last indorsement is indorsement in
blank.

A holder in due course is a holder who has taken the instrument complete and regular upon its face, a
holder before it was overdue and without notice that it was previously dishonored and the fact that he
took it in good faith and for value, and at the time negotiated he has no notice of defect.

Yes. A bill of exchange is an unconditional order in writing addressed by one person to another, signed
by the person giving it, requiring the person whom it is addressed to pay on demand, or fixed or
determinable future time at sum certain in money to order or to bearer. Here, Ana Evangelista signed
the instrument in writing requiring John Santos to pay Juan Dela Cruz 30,000.00 on April 1, 2022. Thus, it
is a negotiable bill of exchange.

When a signature is forged is wholly inoperative and no right to retain the instrument, or to give a
discharge therefore or to enforce payment thereof against any party thereto.

If Denver is a holder in due course Cecil is liable to Denver. An authority to complete is not an authority
to alter. If Denver is not a holder in due course

Yes, if an instrument is incomplete when delivered, the holder has prima facie authority to fill the blanks
thereon. The presumption is that the blank was filled up in accordance with authority given and within
reasonable time.

No. The defense that the instrument is filled up in accordance with authority and within reasonable time
is not available against holder in due course.

No since there is no delivery yet. It is important that there is delivery made in order to give effect to the
instrument.