3) Payable To Order or Bearer 5) If Bill of Exchange, Identify Payee With Reasonable Specificity
3) Payable To Order or Bearer 5) If Bill of Exchange, Identify Payee With Reasonable Specificity
3) Payable To Order or Bearer 5) If Bill of Exchange, Identify Payee With Reasonable Specificity
1. issuance
2. party a passes it on to b or c
indorsement
3. In ca case of bill of exchange, there must
be acceptance
---ASK THE DRAWEE if u accept it or not
4. Discharge or payment of the instrument
“NIL does not a drawee or bank to always
pay the negotiable instrument. Pwede lng
breach of contract. Not applicable to
promissory note.
General classes of NI
Facio ut facias
I do and you do—feudalism
Lord protects slave, slave administers
Do ut des
I give that you give
--barter: exchange of goods
pay to bearr
or sign in blank?
BAR:
1. nEGO INStruemnt ba?
2. Defenses
Sec 1-3
Sec. 136. Cases not provided for in Act. - Any case not provided
for in this Act shall be governed by the provisions of existing
legislation or in default thereof, by the rules of the law
merchant.
Article 18. In matters which are governed by the Code of Commerce and special laws, their deficiency shall
be supplied by the provisions of this Code. (16a)
Article 2270. The following laws and regulations are hereby repealed:
(2) The provisions of the Code of Commerce governing sales, partnership, agency, loan, deposit and
guaranty;
(4) All laws, Acts, parts of Acts, rules of court, executive orders, and administrative regulations which are
inconsistent with this Code. (n)
Effectivity
Sec. 195. Application of Act. - The provisions of this Act do not
apply to negotiable instruments made and delivered prior to
the taking effect hereof. chanrobles law