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Section 1. Form of negotiable instruments. - An instrument to be negotiable must conform to the following requirements: (a) It must be in writing and signed by the maker or drawer; (b) Must contain an unconditional promise or order to pay a sum certain in money; (c) Must be payable on demand, or at a fixed or determinable future time;
GR: The indorsement must be an indorsement of the entire instrument. An indorsement which purports to transfer to the indorsee a part only of the amount payable, or which purports to transfer the instrument to two or more indorsees severally, does not operate as a negotiation of the instrument.
Two Distinctive Features of NI: Negotiability - it is that attribute or property whereby a bill or note or check may pass from hand to hand similar to money, so as to give the holder in due course the right to hold the instrument and to collect the sum payable for himself free from defenses.
Most common forms of negotiable instruments. Promissory notes (there are also special type i.e. bonds, due bills etc.) Sec. 184. Promissory note, defined. – A negotiable promissory note within the meaning of this Act is. an unconditional promise.
Form of negotiable instruments. - An instrument to be negotiable must conform to the following requirements: (Always step 1 because it determines what law is applicable) (WUPPA)
The law that governs negotiable instruments in the Philippines is primarily embodied in the Negotiable Instruments Law (NIL), which is based on American law. NIL provides comprehensive for creation, transfer, enforcement instruments.
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This document provides an overview of negotiable instruments law in the Philippines. It defines what constitutes a negotiable instrument and lists the most common types - promissory notes and bills of exchange.
