The Law that governs negotiable instruments in this Jurisdiction

NIL took effect when

the provisions of NIL were copied from AUNIL which was based largely on the

what are the functions of NIL

Credit instrument can also be considered as _______ because they may state the transaction that gave rise to the issuance of the instrument

In particular, the functions if NIL are:

Kind of Negotiable instrument

A form of a promissory note which is a written acknowledgement of a bank of its receipt of a certain sum with a promise to repay the same

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

what Sec No. is Promissory Note

In other jurisdiction, a bill of exchange is commonly called a

In other jurisdiction, A draft can either be

A bill which is, or on its face purports to be, both drawn and payable within the Philippines

A bill which is, or on its face purports to be, both drawn and payable in any other country aside the Philippine

kinds of Bill of Exchange

A BOE that is payable at a fixed date

A BOE that is payable when the holder presents it for payment

A BOE which is used in contract of sale, the seller as drawer orders the buyer to pay a sum certain to the same seller

is a time draft accross the face of which the drawee bank has written the word accepted. If the seller does not trust the credit of the buyer or is not familiar with him, the seller may wish to require the bank of the buyer to accept the bill/draft

The most common form of Bill of Exchange

A bill of exchange drawn on a bank payable on demand.

Date written in the check is

A bill to which no document is attached when presentment for payment or acceptance is made

A bill of exchange to which documents are attached when presented for payment or acceptance

An unconditional order in writing addressed by one person to another, signed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand or at a fixed or determinable future time a sum certain in money to order or to bearer

A certificate or evidence of a debt on which the issuing company or governmental body promises to pay the boundaries a specified amount of interest for a specified length of time, and to repay the loan on the expiration date

Kinds of Bonds

A bond secured by mortgaged of ships

Bonds secured by mortgage on chattels of business

Bonds secured by collateral deposited with a trustee

Bonds that can, at the option of the holder, be converted into stocks

Bonds with interest coupons attached

A bond which has interest or principal or both guaranteed by a company other than the issuer

Bond on which interest is payable only when earned after payment of interest upon prior mortgages

A bond the principal and interest of which is guaranteed by two or more persons

A bond secured by two or more obligors who must be joined in any action on such bond

Bond secured by a mortgage on a property

Differentiate Promissory note and Bills of Exchange

A promissory note or bond backed by the general credit of a corporation and usually not secured by a mortgaged or lien on any specific property

are Promissory Notes of the issuing bank which are payable to bearer on demand

Incidents or stages in the life of NIL

Stages of NIL complete with all the requisites provided for Section 1 of NIL

First delivery of the instrument to the payee

Transfer from one person to another so as to constitute the transferee of a holder

the bill of exchange shall be presented to the drawee so that the latter will signify his agreement to the order of the drawer to pay

Written assent of the drawee to the drawer

Refusal to accept by the drawee

the instrument is shown to the maker/drawer so that the said maker/drawer will pay

Refusal to pay the maker or drawee/acceptor

Notice to the persons secondarily liable that the maker/drawee refused to pay or to accept the instrument

Enumerate Section 1 of NIL

In summary, the factors that affect the determination of negotiability of instruments are:

Kinds of Checks

Under what Law is the Banks not allowed to issue MC/CC or other similar instrument payable to cash, bearer, ficticious person or numbered account

Under what Law the Monetary Board decided to authorized the isauance of MC/CC payable to Cash, bearer, ficticious person or numbered account

One drawn by a depositor upon funds to his credit in a bank which a proper officer of the bank certificates will be paid when duly presented for payment. The bank debits the drawer's account at the time of certification and set aside funds out of the drawer's control

Differentiate Bills of Exchange and Checks

Cashiers check and Managers check are in the nature of accepted or certified checks and that payment thereon cannot be countermanded by the payee

Crimes involving checks

Refers to the transfer of possession of the Negotiable instrument with the intent to transfer title

When a negotiable instrument is issued by a maker in a promisory note, or by a drawer in a bill of exchange, to the payee, there already exists a ______ between them

Refers to a person who executes tge written promise to pay

Refers to the person who executes the written order to pay

Refers to the person in whos favor a negotiable instrument is made or drawn payable

Refers to the person who negotiates by Indorsement

Refers to the person to whom the instrument is negotiated by delivery