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    Notes - 1st Exam

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    Louis p
    This document defines the requirements for negotiable instruments under Philippine law. It states that an instrument must be in writing and signed, contain an unconditional promise to pay a sum certain in money, be payable on demand or at a fixed time, be payable to order or bearer, and name the drawee if addressed to one. It provides examples of what constitutes an unconditional promise and a sum certain. It also defines when an instrument is payable to order, to bearer, on demand, or at a determinable future time.

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    Notes - 1st Exam

    Uploaded by

    Louis p
    42 views1 page
    This document defines the requirements for negotiable instruments under Philippine law. It states that an instrument must be in writing and signed, contain an unconditional promise to pay a sum certain in money, be payable on demand or at a fixed time, be payable to order or bearer, and name the drawee if addressed to one. It provides examples of what constitutes an unconditional promise and a sum certain. It also defines when an instrument is payable to order, to bearer, on demand, or at a determinable future time.

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    This document defines the requirements for negotiable instruments under Philippine law. It states that an instrument must be in writing and signed, contain an unconditional promise to pay a sum certain in money, be payable on demand or at a fixed time, be payable to order or bearer, and name the drawee if addressed to one. It provides examples of what constitutes an unconditional promise and a sum certain. It also defines when an instrument is payable to order, to bearer, on demand, or at a determinable future time.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    42 views1 page

    Notes - 1st Exam

    Uploaded by

    Louis p
    This document defines the requirements for negotiable instruments under Philippine law. It states that an instrument must be in writing and signed, contain an unconditional promise to pay a sum certain in money, be payable on demand or at a fixed time, be payable to order or bearer, and name the drawee if addressed to one. It provides examples of what constitutes an unconditional promise and a sum certain. It also defines when an instrument is payable to order, to bearer, on demand, or at a determinable future time.

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    SECTION 1. FORM OF NEGOTIABLE SEC. 3. WHEN PROMISE IS UNCONDITIONAL.

    - An
    unqualified order or promise to pay is unconditional within
    INSTRUMENTS. - An instrument to be the meaning of this Act though coupled with:
    negotiable must conform to the following (a) An indication of a particular fund out of which
    requirements: reimbursement is to be made or a particular
    (a) It must be in writing and signed by the account to be debited with the amount; or
    (b) A statement of the transaction which gives rise to
    maker or drawer; the instrument.
    (b) Must contain an unconditional promise
    or order to pay a sum certain in money; But an order or promise to pay out of a particular fund is not
    unconditional.
    (c) Must be payable on demand, or at a
    fixed or determinable future time;
    (d) Must be payable to order or to bearer; SEC. 2. WHAT CONSTITUTES CERTAINTY AS TO SUM. -
    and The sum payable is a sum certain within the meaning of this
    Act, although it is to be paid:
    (e) Where the instrument is addressed to a (a) with interest; or
    drawee, he must be named or (b) by stated installments; or
    otherwise indicated therein with (c) by stated installments, with a provision that, upon
    reasonable certainty. default in payment of any installment or of
    interest, the whole shall become due; or
    (d) with exchange, whether at a fixed rate or at the
    current rate; or
    (e) with costs of collection or an attorney's fee, in case
    SEC. 8. WHEN PAYABLE TO ORDER. - The instrument is
    payment shall not be made at maturity.
    payable to order where it is drawn payable to the order of a
    specified person or to him or his order. It may be drawn
    payable to the order of:
    SEC. 7. WHEN PAYABLE ON DEMAND. - An instrument is
    (a) A payee who is not maker, drawer, or drawee; or
    payable on
    (b) The drawer or maker; or
    demand:
    (c) The drawee; or
    (a) When it is so expressed to be payable on demand,
    (d) Two or more payees jointly; or
    or at sight, or on presentation; or
    (e) One or some of several payees; or
    (b) In which no time for payment is expressed.
    (f) The holder of an office for the time being.
    Where an instrument is issued, accepted, or indorsed when
    Where the instrument is payable to order, the payee must be
    named or otherwise indicated therein with reasonable overdue, it is, as regards the person so issuing, accepting, or
    indorsing it, payable on demand.
    certainty.

    SEC. 9. WHEN PAYABLE TO BEARER. - The instrument is


    payable to SEC. 4. DETERMINABLE FUTURE TIME; WHAT
    bearer: CONSTITUTES. - An instrument is payable at a
    (a) When it is expressed to be so payable; or determinable future time, within the meaning of this Act,
    (b) When it is payable to a person named therein or which is expressed to be payable:
    bearer; or (a) At a fixed period after date or sight; or
    (c) When it is payable to the order of a fictitious or (b) On or before a fixed or determinable future time
    non-existing person, and such fact was known to specified therein; or
    the person making it so payable; or (c) On or at a fixed period after the occurrence of a
    (d) When the name of the payee does not purport to be specified event which is certain to happen, though
    the name of any person; or the time of happening be uncertain.
    (e) When the only or last indorsement is an (d)
    indorsement in blank. An instrument payable upon a contingency is not negotiable,
    and the happening of the event does not cure the defect.

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