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Negotiable Instruments - Prelim Reviewer-Final

Negotiable Instruments - Prelim Reviewer-Final

A negotiable promissory note within the meaning of this Act is an unconditional promise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to order or to bearer. Where a note is drawn to the maker's own order, it is not complete until indorsed by him.

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Negotiable Instruments Law Reviewer

Negotiable Instruments Law Reviewer

LEX SOCIETAS 41 The arguments set forth by the majority view find strong support in the legal provisions. Acceptance is defined by Sec. 132 as the “signification of the drawee of his assent to the order of the drawer.” Sec. 62 should be related to this definition. “Assent to the order of the drawer” means assent to the actual not the apparent order of the drawer. In like manner, Section 139 in defining general and qualified acceptance provides: “A general acceptance assents without qualification to the order of the drawer. A qualified acceptance in express terms varies the effect of the bill as drawn.” In both these provisions, acceptance is definitely associated with the order of the drawer and not with what appears to be the drawer’s order after the alteration. The words “according to the tenor of his acceptance” should thus be construed to mean the kind of acceptance – whether qualified, or general. Furthermore, Section 124 avoids the instrument “except as against a party who has himself made, authorized or assented to the alteration and subsequent indorsers.” An acceptor has not assented to the alteration because “assent” can only mean assent with knowledge of the facts. Neither is he a subsequent indorser. The final and perhaps strongest legal argument is that Sec. 124 expressly provides that a holder in due course can recover only according to the original tenor of the instrument. There is however one important and desirable effect of the minority view cannot be ignored – denying recovery to the drawee bank would tend to give stability to checks. Furthermore, as between the holder and the drawee bank, it seems that the latter is in a better financial position to shoulder the loss, since it can and probably should insure itself against such eventualities.
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2015 Mercantile Law Reviewer (Final)

2015 Mercantile Law Reviewer (Final)

F. COMPLETE AND UNDELIVERED INSTRUMENTS Section 16, NIL. Delivery; when effectual; when presumed. - Every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the purpose of giving effect thereto. As between immediate parties and as regards a remote party other than a holder in due course, the delivery, in order to be effectual, must be made either by or under the authority of the party making, drawing, accepting, or indorsing, as the case may be; and, in such case, the delivery may be shown to have been conditional, or for a special purpose only, and not for the purpose of transferring the property in the instrument. But where the instrument is in the hands of a holder in due course, a valid delivery thereof by all parties prior to him so as to make them liable to him is conclusively presumed. And where the instrument is no longer in the possession of a party whose signature appears thereon, a valid and intentional delivery by him is presumed until the contrary is proved.
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Consti 2 Final Reviewer Protected)

Consti 2 Final Reviewer Protected)

&%# r "he State shall rec gnize the right armers, arm rkers, and land ners, as ell as c peratives, and ther independent armers' rganizati ns t participate in the planning, rganizati n, [r]

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Liability of Directors Under Section 138 of The Negotiable Instruments Act

Liability of Directors Under Section 138 of The Negotiable Instruments Act

 Pr Presum esump ption tion ttha hatt ch cheques eques ha have ve been been issued issued to towar wards ds dis.. discharg charge e o of a f an n a ante nteccedent edent lliia abi billi[r]

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Law on Negotiable Instruments (Sec 44-Sec78 Outline)

Law on Negotiable Instruments (Sec 44-Sec78 Outline)

 “bad faith” means that the holder must have knowledge of facts which render it dishonest for him to take particular piece of negotiable paper.  It is sufficient that such knowledge tends to show that there was something wrong with the transaction.

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RECENT TRENDS IN SECTION 138 OF THE NEGOTIABLE INSTRUMENTS ACT.

RECENT TRENDS IN SECTION 138 OF THE NEGOTIABLE INSTRUMENTS ACT.

PRESUMPTIONS 5] There is  presumptions  under Section 118 and 139 of the  Negotiable Instruments Act in favour of holder of the cheque.  Until  contrary is proved, presumption is in favour of holder of cheque that it  was drawn for discharge of debt or liabilities.  However, it is rebutable  one and accused can rebut it without entering into witness box, through  cross­examination of the prosecution witnesses.   Complainant is not  absolved   from   liability   to   show   that   cheque   was   issued   for   legally  enforceable debt or liability.  Burden on accused in such case would not  be as light as it is in the cases under sec.114 of the Evidence Act.  In  case of “ Goa Plast Pvt. Ltd. vs. Shri Chico Ursula  D' Souza 1996 (4)  
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Negotiable Instruments Act 1881 MBA PPT

Negotiable Instruments Act 1881 MBA PPT

A bill of exchange is an instrument in writing, writing, containing an unconditional order, signed by the containing an unconditional order, signed by the maker, directing a certain pers[r]

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Negotiable Instruments (Sundiang K-notes).pdf

Negotiable Instruments (Sundiang K-notes).pdf

2. NO, The same answer above would not apply in the event that it would be Simpo seeking to enforce the note against Corupto. The note was issued for ‘support and friendship’ – and as such, Corupto may set up as a personal defense the want or absence of consideration for the issuance of the note. ‘Friendship and support’ (in the same manner as love and affection) do not constitute ‘value’ or consideration under the ambit of the negotiable instruments law. Absence or lack of consideration is a defense pro tanto between immediate parties, and against a holder who is not a holder in due course.
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100935692-Negotiable-Instruments-Law-Reviewer.docx

100935692-Negotiable-Instruments-Law-Reviewer.docx

I. GENERAL CONCEPTS NEGOTIABLE INSTRUMENT (NI)  A written contract for the payment of money which complies with the requirements of Sec. 1 of the NIL, which by its form and on its face, is intended as a substitute for money and passes from hand to hand as money, so as to give the holder in due course (HDC) the right to hold the instrument free from defenses available to prior parties. (Reviewer on Commercial Law, Professors Sundiang and Aquino)

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Case Digest in Negotiable Instruments Law

Case Digest in Negotiable Instruments Law

Whether petitioner cannot be held liable on the questioned checks by virtue of the Certification executed by Ong giving her the authority to collect such checks from the GSIS? HELD: Petitioner is liable. The Negotiable Instruments Law provides that where any person is under obligation to indorse in a representative capacity, he may indorse in such terms as to negative personal liability. An agent, when so signing, should indicate that he is merely signing in behalf of the principal and must disclose the name of his principal; otherwise he shall be held personally liable. Even assuming that Francisco was authorized by HCCC to sign Ong's name, still, Francisco did not indorse the instrument in accordance with law. Instead of signing Ong's name, Francisco should have signed her own name and expressly indicated that she was signing as an agent of HCCC. Thus, the Certification cannot be used by Francisco to validate her act of forgery.
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Sales Prelim Cases PDF

Sales Prelim Cases PDF

After a conscientious review of the arguments and evidence presented by the parties, the Court finds that the Deed of Conditional Sale between Nicomedes and Emma and the Agreement of P[r]

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Labor Standards Final Reviewer by Atty. C.a. Azucena

Labor Standards Final Reviewer by Atty. C.a. Azucena

(c) The Secretary of Labor and Employment or his duly authorized representatives shall have the power to cause the arrest and detention of such non-licensee or non-ho[r]

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Negotiable certificates of deposit

Negotiable certificates of deposit

It should be noted that commercial banks, pri- marily the large regional banks located outside New York, had years of experience issuing interest-bearing certifica[r]

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Negotiable Law Doctrines (Sundiang)

Negotiable Law Doctrines (Sundiang)

If instruments payable to named payees or to their order have not been indorsed in blank, only such payees or their indorsees can be holders and entitled to receive payment in their own right. Negotiable instruments are negotiated by ―transfer to one person or another in such a manner as to constitute the transferee a holder thereof. If payable to bearer it is negotiated by delivery. If payable to order it is negotiated by the indorsement completed by delivery. The present case involves checks payable to order. Not being a payee or indorsee of the checks, private respondent Salazar could not be a holder thereof. It is an exception to the general rule for a payee of an order instrument to transfer the instrument without indorsement. Precisely because the situation is abnormal, it is but fair to the maker and to prior holders to require possessors to prove without the aid of an initial presumption in their favor, that they came into possession by virtue of a legitimate transaction with the last holder.
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Reviewer

Reviewer

12. A 488 mg sample of CuSO 4 .nH 2 O is heated to drive off the waters of hydration and then reweighed to give a final mass of 319 mg. Given the sample contains 2.0 mmol of Cu, what is the average number of water if hydration, n, is CuSO 4 .nH 2 O? (A) 2.0 (B) 5.0 (C) 10 (D) 18

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2012 RI Prelim Biology H1 P2_answers

2012 RI Prelim Biology H1 P2_answers

* In the process of cloning a eu0aryotic gene, bacterial cells that contain the gene of interest can be identified by a double selection process using two antibiotic resistance mar0ers. [r]

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2015 JC2 GP H1 prelim papers

2015 JC2 GP H1 prelim papers

Requirement: Students should a explain the functions nostalgia plays in their own society b describe the benefits and problems of being nostalgic c show understanding and engage with the[r]

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HCI Prelim 08 H2 Chem P3

HCI Prelim 08 H2 Chem P3

State the reagents and conditions required, and draw the structure of the compound obtained in each step of your reaction scheme.. [4].[r]

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Negotiable Instruments Law - Case Digest - Dean Jose R. Sundiang - Renz J. Pagayanan - San Beda College of Law

Negotiable Instruments Law - Case Digest - Dean Jose R. Sundiang - Renz J. Pagayanan - San Beda College of Law

It has, likewise, been held that if no presentment is made at all, the drawer cannot be held liable irrespective of loss or injury unless presentment is otherwise excused. This is in harmony with Article 1249 of the Civil Code under which payment by way of check or other negotiable instrument is conditioned on its being cashed, except when through the fault of the creditor, the instrument is impaired. The payee of a check would be a creditor under this provision and if its non-payment is caused by his negligence, payment will be deemed effected and the obligation for which the check was given as conditional payment will be discharged. Failure of a payee to encash a check for more than ten (10) years undoubtedly resulted in the impairment of the check through his unreasonable and unexplained delay
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