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Jan 3, 2012 · There are 2 kinds of defenses in negotiable instruments: personal and real. Real Defenses. 1.) Minority. 2.) Forgery. 3.) Non-delivery of an incomplete instrument. 4.) Material alteration. 5.) Ultra vires act of the corporation. 6.) Fraud in factum/esse contractus. 7.) illegality (if declared void for any purpose) 8.) Force/violence. 9.)
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;
A special indorsement specifies the person to whom, or to whose order, the instrument is to be payable, and the indorsement of such indorsee is necessary to the further negotiation of the instrument. An indorsement in blank specifies no indorsee, and an instrument so indorsed is payable to bearer, and may be negotiated by delivery.
• Under the Negotiable Instruments Law, the person primarily liable on an instrument is the person who by the terms of the instrument is absolutely required to pay the same • All other parties are secondarily liable
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)
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.
