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  • Defective Instruments

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    Leomar Castillo
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    This document outlines different rules for ordinary and special cases regarding negotiable instruments. For ordinary cases, a holder can collect from parties after delivery or completion in most situations. For special cases like accommodation, want of consideration, or material alteration, the holder's rights vary depending on additional factors like whether the instrument was delivered or the extent of valid consideration. Forgery is also treated differently, with the holder able to proceed against parties down to the last indorser.

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    This document outlines different rules for ordinary and special cases regarding negotiable instruments. For ordinary cases, a holder can collect from parties after delivery or completion in most situations. For special cases like accommodation, want of consideration, or material alteration, the holder's rights vary depending on additional factors like whether the instrument was delivered or the extent of valid consideration. Forgery is also treated differently, with the holder able to proceed against parties down to the last indorser.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    2 views1 page

    Defective Instruments

    Uploaded by

    Leomar Castillo
    This document outlines different rules for ordinary and special cases regarding negotiable instruments. For ordinary cases, a holder can collect from parties after delivery or completion in most situations. For special cases like accommodation, want of consideration, or material alteration, the holder's rights vary depending on additional factors like whether the instrument was delivered or the extent of valid consideration. Forgery is also treated differently, with the holder able to proceed against parties down to the last indorser.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Ordinary Cases Special Cases

    Accomodation Want of Material Forgery


    Complete     Consideration Alteration
    Delivered     HDC    
    HDC     NHDC-DR    
    NHDC-DR     NHDC-NDR    
    NHDC-NDR    

     may collect from parties prior or subsequent to completion only to the extent of consideration holder has no right of recourse against
    parties prior to forgery
     may collect only from parties after completion 
    he, however, may proceed against all
     may collect from parties after delivery only to the extent of valid/original amount parties from the forger down to the last
    indorser.

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