Negotiable Instruments Law Memory Aid

LEX LEONUM FRATERNITAS
1968
NEGOTIABLE INSTRUMENTS LAW a. check may not be encashed but

MEMORY AID only deposited in bank
b. may be negotiated only once, to
BASED ON THE OUTLINE OF THE 1994 EDITION OF CAMPOS & one who has an acct. with a bank
CAMPOS
c. warning to holder that check has
CONTENTS been issued for a definite purpose
so that he must inquire if he
DEFINITIONS P1 received check pursuant to such
NEGOTIABILITY P1 purpose, otherwise not HDC
TRANSFER P2 kinds:
HOLDER IN DUE COURSE P3 a. general (no word between lines, or
DEFENSES AND EQUITIES P4 co between lines)
LIABILITIES OF PARTIES P5 b. special (name of bank appearing
DISCHARGE P8 between parallel lines)
BEARER
DEFINITIONS Person in possession of a bill/note payable to
bearer
NEGOTIABLE INSTRUMENT
Written contract for the payment of HOLDER
money, by its form intended as Payee or indorsee of a bill or note who is in
substitute for money and intended to possession of it, or the bearer thereof.
pass from hand to hand to give the
holder in due course the right to hold the THE LIFE OF A NEGOTIABLE
same and collect the sum due INSTRUMENT:
1. issue
PROMISSORY NOTE 2. negotiation
unconditional promise in writing made 3. presentment for acceptance in certain bills
4. acceptance
by one person to another signed by the
5. dishonor by on acceptance
maker
6. presentment for payment
engaging to pay on demand, or at a 7. dishonor by nonpayment
fixed or determinable future time a sum 8. notice of dishonor
certain in money to order or to bearer 9. protest in certain cases
where a note is drawn to the makers 10. discharge
own order, it is not complete until
indorsed by him
NEGOTIABILITY
BILL OF EXCHANGE
unconditional order in writing addressed REQUISITES
by one person to another signed by the 1. in writing and signed by maker or
person giving it drawer
requiring the person to whom its no person liable on the instrument whose
addressed to pay on demand or at a signature does not appear thereon
fixed or determinable future time a sum ( subject to exceptions)
certain in money to order or to bearer one who signs in a trade or assumed name
check: bill of exchange drawn on a liable to the same extent as if he had
bank payable on demand. Kinds of signed in his own name
checks: signature of any party may be made by a
1. personal check duly authorized agent, no particular form of
2. managers/cashiers check drawn appt. necessary
by a bank on itself. Issuance has the
effect of acceptance 2. unconditional promise or order to pay
3. memorandum check memo is
unqualified order or promise to pay is
written across its face, signifying that
unconditional though coupled with
drawer will pay holder absolutely
a. an indication of a particular fund out of
without need of presentment
which reimbursement to be made, or a
4. crossed check
particular account to be debited with
effects:
amount, or
ACADEMIC ADVISERS: Political: Atty. Martinez ; Labor: Atty. Lorenzo ; Taxation: Atty. Cabaneiro ;
Criminal : Atty. Loyola ; Commercial : Atty. Loyola ;
Remedial: Atty. Perez ; Civil: Atty. Vista ; Legal Ethics: Atty. Loyola
Compiled and Edited by: Vice Amorsolo R. Camara Jr.
Through the indispensable efforts of San Beda and San Sebastian Brods
1968
b. a statement of the transaction which c. drawee, or

gives rise to the instrument d. two or more payees jointly, or
an order or promise to pay out of a e. holder of an office for time being
particular fund is not unconditional when the instrument is payable to order the
payee must be named or otherwise
a sum certain in money indicated therein with reasonable certainty
even if stipulated to be paid---
a. with interest, or or bearer,
b. by stated installments, or when expressed to be so payable
c. by stated installments with a when payable to person named therein or
provision that upon default in bearer
payment of any installment/interest, when payable to order or fictitious/non-
the whole shall become due, or existent person, and such fact known to the
d. with exchange, whether at a fixed person making it so payable, or
rate or at the current rate, or when name of payee doesnt purport to be
e. with costs of collection or an the name of any person, or
attorneys fee, in case payment not
when the only/last indorsement is in blank
made at maturity
5. where addressed to drawee: such drawee
3. payable on demand,
named/ indicated therein with
when expressed to be payable on
reasonable certainty
demand, or at sight, or on presentation;
bill may be addressed to two or more
when no time for payment expressed,
drawees jointly, whether partners or not,
or but not to two or more drawees in the
where an instrument is issued, accepted alternative or in succession
or indorsed when overdue, it is, as bill may be treated as a PN, at option of
regards the person so issuing, holder, where
accepting, or indorsing it, payable on a. drawer and drawee are same person
demand b. drawee is fictitious/incapacitated
or at a fixed or determinable future EFFECT OF ADDITIONAL PROVISIONS
time Gen. Rule: order/promise to do any act in
when its expressed to be payable at a addition to the payment of money renders
fixed period after date or sight, or instrument non-negotiable.
on or before a fixed or determinable Exception: negotiability not affected by
future time fixed therein, or provisions w/c
on or at a fixed period after the 1. authorize sale of collateral security if
occurrence of a specified event which is instrument not paid at maturity
certain to happen, though the time of 2. authorize confession of judgment
happening be uncertain 3. waives benefit of any law intended for
an instrument payable upon a advantage/protection of obligor
contingency not negotiable, and 4. give holder election to require something to
happening of event doesnt cure it be done in lieu of money
* relate to sec. 11 ( presumption as to CONTINUATION OF NEGOTIABLE

date) and sec. 17 (construction where CHARACTER
instrument ambiguous) Until
* note effect of acceleration provisions, p. 1. restrictively indorsed
30 Campos 2. discharged by payment or otherwise
* note effect of provisions extending time of
payment, p. 40 Campos
TRANSFER
4. payable to order
where it is drawn payable to the order of DELIVERY
a specified person or to him or his order. NI incomplete and revocable until delivery
May be drawn payable to order of --- for the purpose of giving effect thereto
a. a payee not the as between
maker/drawer/drawee, or a. immediate parties
b. drawer or maker, or
1968
b. a remote party other than holder in 2. Blank specifies no indorsee, instrument

due course so indorsed is payable to bearer, and may
delivery, to be effectual, must be made be negotiated by delivery
by or under the authority of the party
making/drawing/accepting/indorsing the holder may convert a blank
in such case delivery may be shown to indorsement into a special indorsement by
have been conditional, or for a special writing over the signature of the indorser in
purpose only, and not for the purpose of blank any contract consistent with the
transferring the property in the character of the indorsement
instrument
B. as to kind of title transferred
PRESUMPTION OF DELIVERY 1. restrictive
Where the instrument is no longer in the prohibits further negotiation of instrument,
possession of a party whose signature constitutes indorsee as agent of indorser,
appears thereon, a valid and intentional or
delivery by him is presumed until the vests title in indorsee in trust for another
contrary is proved (*if in the hands of a
rights of indorsee in restrictive ind.:
HDC, presumption conclusive)
receive payment of inst.
NEGOTIATION Bring any action thereon that indorser
When an instrument is transferred from could bring
one person to another as to constitute Transfer his rights as such indorsee,
the transferee the holder thereof. but all subsequent indorsees acquire
If payable to BEARER, negotiated by only title of first indorsee under
delivery; if payable to ORDER, restrictive indorsement
negotiated by indorsement of holder + 2. non-restrictive
delivery
C. as to kind of liability assumed by indorser
INDORSEMENT 1. qualified-constitutes indorser as mere
Indorser generally enters into two assignor of title (eg. without recourse)
2. unqualified
contracts:
1. sale or assignment of instrument
D. as to presence/absence of express
2. to pay instrument in case of default
limitations put by indorser upon primary
of maker
obligors privileges of paying the holder
Sec. 31 (how indorsement made)
1. conditional additional condition annexed
Sec. 41 (where payable to two or more) to indorsers liability.
Sec. 43 (indorsement where name Where an indorsement is conditional, a
misspelled) party required to pay the instrument
Sec. 48 (cancellation of indorsement) may disregard the condition, and make
Sec. 45, 46 (presumptions) payment to the indorsee or his
Indorsement must be of entire transferee, whether condition has been
instrument. (cant be indorsement of fulfilled or not
only part of amount payable, nor can it Any person to whom an instrument so
be to two or more indorsees severally. indorsed is negotiated will hold the
But okay to indorse residue of partially same/proceeds subject to rights of
paid instrument) person indorsing conditionally
Sec. 67 (liability of indorser where paper 2. unconditional
negotiable by delivery)
Sec. 63 (when person deemed indorser) INDORSEMENT OF BEARER INST.
Where an instrument payable to bearer is
KINDS OF INDORSEMENT indorsed specially, it may nevertheless be
A. as to manner of future method of further negotiated by delivery
negotiation Person indorsing specially liable as
1. special specifies the person to indorser to only such holders as make title
whom/to whose order the instrument is through his indorsement
to be payable; indorsement of such
indorsee is necessary to further UNINDORSED INSTRUMENTS
negotiation.
1968
Where holder of instrument payable to

his order transfers it for value without * if in the hand of any holder (note definition of
indorsing, transfer vests in transferee holder) other than a HDC, vulnerable to same
1. such title as transferor had therein defenses as if non-negotiable
2. right of tranferee to have indorsement of
transferor RIGHTS OF PURCHASER FROM HOLDER
for purposes of determining HDC IN DUE COURSE
negotiation effective upon actual General Rule: in the hands of any holder other
indorsement than a HDC, NI is subject to same defenses as
if it were non-negotiable.
Exception: holder who derives title through
HOLDER IN DUE COURSE HDC and who is not himself a party to any
fraud or illegality has all rights of such former
HOLDER holder in respect to all parties prior to the latter.
Sec. 191
WHO DEEMED HDC
RIGHTS OF HOLDER prima facie presumption in favor of holder
1. sue thereon in his own name but when shown that title of any person
2. payment to him in due course who has negotiated instrument was
discharges instrument defective (sec. 55when title defective):
burden reversed (now with holder)
HOLDER IN DUE COURSE: REQUISITIES but no reversal if party being made liable
1. complete and regular upon its face became bound prior to acquisition of
sec. 124 (effect of alteration) defective title (i.e., where defense is not his
sec. 125 (what constitute material own)
alterations)
2. holder became such before it was
overdue, without notice of any previous DEFENSES AND EQUITIES
dishonor
sec. 53 (demand inst. nego after KINDS OF DEFENSES
unreasonable length of time: not 1. real defense attaches to instrument; on
HDC) the principle that the right sought to be
sec. 12 (effect enforced never existed/there was no
antedating/postdating) contract at all
3. taken in good faith and for value 2. personal defense growing out of
agreement; renders it inequitable to be
sec. 24 (presumption of
enforced vs. defendant
consideration)
sec 25 (definition. of value) DEFENSES
sec. 26 (definition. holder for value) 1. INCAPACITY: real; indorsement/assign by
sec. 27 (lien as value) corp/infant: passes property but corp/infant
4. at time negotiated to him, he had no no liability
notice (sec. 56-def; 54-notice before
full amt. paid) of --- 2. ILLEGALITY: personal, even if no K
a. infirmity in instrument because void under CC 1409
b. defect in title of person negotiating
1. instrument/signature obtained 3. FORGERY: real (lack of consent):
through fraud, etc., illegal a. forged
consideration/means, or b. made without authority of person
2. instrument negotiated in breach whose signature it purports to be
of faith, or fraudulent
circumstances General Rule:
a. wholly inoperative
RIGHTS OF HOLDER IN DUE COURSE b. no right to retain instrument, or give
1. holds instrument free of any defect of discharge, or enforce payment vs. any
title of prior parties party, can be acquired through or under
2. free from defenses available to prior such signature (unless forged signature
parties among themselves unnecessary to holders title)
3. may enforce payment of instrument for Exception:
full amount, against all parties liable
1968
unless the party against whom it is If instrument not in poss. Of party who
sought to enforce such right is signed, delivery prima facie presumed
precluded from setting up forgery/want If holder is HDC, delivery conclusively
of authority presumed
precluded:
a. parties who make certain 9. INCOMPLETE, UNDELIVERED
warranties, like a general INSTRUMENT
indorser or acceptor Real defense (sec. 15)
b. estopped/negligent parties
Instrument will not, if completed and
negotiated without authority, be a valid
* note rules on Acceptance/Payment Under
contract in the hands of any holder, as
Mistake as applied to:
against any person whose signature was
1. overdraft
placed thereon before delivery
2. stop payment order
3. forged indorsements
10. INCOMPLETE, DELIVERED
4. MATERIAL ALTERATION Personal defense (sec. 14)
Where NI materially altered w/o assent 2 Kinds of Writings:
of all parties liable thereon, avoided, 1. Where instrument is wanting in any
except as vs. a material particular: person in possession
1. party who has himself made, has prima facie authority to complete it by
authorized or assented to alteration filing up blanks therein
2. and subsequent indorsers. 2. Signature on blank paper delivered by
But when an instrument has been person making the signature in order that
the paper may be converted into a NI:
materially altered and is in the hands of
prima facie authority to fill up as such for
a HDC not a party to the alteration, HDC
any amount
may enforce payment thereof according
to orig. tenor In order that any such instrument, when
Material Alteration completed, ma be enforced vs. any person
who became a party thereto prior to its
1. change date
completion:
2. sum payable, either for principal or
1. must be filled up strictly in accordance
interest
w/ authority given
3. time of payment
2. within a reasonable time
4. number/relations of parties
5. medium/currency of payment, adds but if any such instrument after completion
place of payment where none specified, is negotiated to HDC, it's valid for all
other change/addition altering effect of purposes in his hands, he may enforce it as
instrument in any respect if it had been filled up properly
*material alteration a personal defense

when used to deny liability according to org. LIABILITIES OF PARTIES
tenor of instrument, but real defense when
relied on to deny liability according to A. PRIMARY PARTIES
altered terms. Person primarily liable: person who by the
terms of the instrument is absolutely
6. FRAUD required to pay the same.
a. fraud in execution: real defense (didnt Sec. 70 (effect of want of demand on
know it was NI) principal debtor)
b. fraud in inducement: personal defense
(knows its NI but deceived as to 1. Liability of Maker
value/terms) a. Promises to pay it according to its tenor
b. admits existence of payee and his then
7. DURESS capacity to indorse
Personal, unless so serious as to give
rise to a real defense for lack of 2. Status of drawee prior to acceptance or
contractual intent payment
sec. 127 (bill not an assignment of funds in
8. COMPLETE, UNDELIVERED hands of drawee)
INSTRUMENT sec. 189 (when check operates as
Personal defense (sec. 16) assignment)
1968
drawer may insert in the instrument an

3. Liability of Acceptor express stipulation negativing / limiting his
Promises to pay inst according to its own liability to holder
tenor
Admits the following: 2. Liability of Indorsers:
a. existence of drawer
b. genuineness of his signature Qualified Indorser and one Negotiating
c. his capacity and authority to draw by Delivery
the instrument a. Instrument genuine, in all respects what it
d. existence of payee and his then purports to be
capacity to endorse b. good title
sec. 191, 132, 133, 138 --- formal c. all prior parties had capacity to contract
requisites of acceptance d. he had no knowledge of any fact w/c would
sec. 136, 137, 150 --- constructive impair validity of instrument or render it
acceptance valueless
sec. 134, 135 --- acceptance on a in case of negotiation by delivery only,
separate instrument warranty only extends in favor of
Kinds of Acceptance: immediate transferee
1. general
2. qualified Liability of a General or Unqualified
a. conditional Indorser
b. partial a. instrument genuine, good title, capacity of
c. local prior parties
d. qualified as to time b. instrument is at time of indorsement valid
e. not all drawees and subsisting
c. on due presentment, it shall be accepted or
* sec. 142 (rights of parties as to paid, or both, according to tenor
qualified acceptance) d. if it be dishonored, and necessary
proceedings on dishonor be duly taken, he
Certification: Principles will pay the amt. To holder, or to any
1. when check certified by bank on which subsequent indorser who may be
its drawn, equivalent to acceptance compelled to pay it
2. where holder of check procures it to be
accepted/certified, drawer and all Order of Liability among Indorsers
indorsers discharged from al liability 1. among themselves: liable prima facie in the
3. check not operate as assignment of any order they indorse, but proof of another
part of funds to credit of drawer with agreement admissible
bank, and bank is not liable to holder, 2. but holder may sue any of the indorsers,
unless and until it accepts or certifies regardless of order of indorsement
check 3. joint payees/indorsees deemed to indorse
4. certification obtained at request of jointly and severally
drawer: secondary parties not released
5. bank which certifies liable as an 4. Liability of Accomodation Party
acceptor Definition: one who signed instrument as
6. checks cannot be certified before maker/drawer/acceptor/ indorser w/o
payable receiving value thereof, for the purpose of
lending his name to some other person
B. SECONDARY PARTIES AP liable on the instrument to holder for
1. Liability of Drawer value even if holder, at time of taking
a. Admits existence of payee and his then instrument, knew he was only an AP
capacity to endorse Liability of Irregular Indorser
b. Engages that on due presentment Where a person not otherwise a party
instrument will be accepted, or paid, or to an instrument, places thereon his
both, according to its tenor and that signature in blank before delivery, hes
c. If it be dishonored, and the necessary liable as an indorser, in accordance w/
proceedings on dishonor be duly taken, these rules:
he will pay the amount thereof to the 1. Instrument payable to order of 3rd
holder or to an subsequent indorser who person: liable to payee and to all
may be compelled to pay it subsequent parties
1968
2. Instrument payable to the order 3. where bill is drawn payable elsewhere than
of maker/drawer, or payable to at residence / place of business of drawee
bearer: liable to all parties
subsequent to maker/drawer When failure to present releases
3. Signs for accommodation of drawer/indorser
payee, liable to all parties Failure to present for acceptance of negotiate
subsequent to payee bill of exchange within reasonable time
Sadaya v Sevilla Rules:
1. a joint and several accommodation Reasonable Time
maker of a negotiable promissory note Must consider
may demand from the principal debtor 1. nature of instrument
reimbursement for the amt. That he paid 2. usage of trade or business with respect to
to the payee instrument
2. a joint and several accommodation 3. facts of each case
maker who pays on the said promissory
note may directly demand How and When Made Sec. 145, 146, 147
reimbursement from his co- When Excused Sec. 148
accommodation maker without first
directing his action vs. the principal Dishonor and Effects
debtor provided: sec. 149 (when dishonored by non-
a. he made the payment by virtue of a acceptance)
judicial demand sec. 150 (duty of holder where bill not
b. or the principal debtor is insolvent accepted)
sec. 151 (rights of holder where bill not
4. Liability of an Agent accepted)
Signature of any party may be made by sec. 89 (to whom notice of dishonor must
duly authorized agent, establish as in be given)
ordinary agency sec. 117 (effect of omission to give notice
Where instrument contains or a person of non-acceptance)
adds to his signature words indicating
that he signs for or on behalf of a II. For Payment
principal, he is not liable on the Where necessary Sec. 70
instrument if he was duly authorized, but Where not necessary Sec. 79, 80, 82, 151, 111
the mere addition of words describing Date and time of presentment of instrument
him as an agent without disclosing his bearing fixed maturity Sec. 71, 85, 86, 194
principal, does not exempt from
personal liability. Date of presentment
Signature per procuration operates as Where instrument not payable on demand:
notice that the agent has but a limited presentment must be made on date it falls
authority to sign, and the principal is due
bound on ly in case the agent in so Where payable on demand: presentment
signing acted within the actual limits of must be made within reasonable time after
his authority issue, except that in case of a bill of
Where a broker or agent negotiates an exchange, presentment for payment will be
instrument without indorsement, he sufficient if made within a reasonable time
incurs all liabilities in Sec. 65, unless he after last negotiation (but note: though
discloses name of principal and fact that reasonable time from last negotiation, it
hes only acting as agent may be unreasonable time from issuance
thus holder may not be HDC under sec. 71)
I. Presentment For Acceptance Check must be presented for payment
within reasonable time after its issue or
When presentment for acceptance must drawer will be discharged from liability
be made thereon to extent of loss caused by delay
1. bill payable after sight, or in other cases
where presentment for acceptance Delay excused Sec. 81
necessary to fix maturity Manner Sec. 74, 72, 75
2. where bill expressly stipulates that it Place Sec. 73
shall be presented for acceptance To Whom Sec. 72, 76, 77, 78
Dishonor by nonpayment Sec. 83, 84
1968
Notice of Dishonor Protest

General rule: to drawer and to each Definition: testimony of some proper person
indorser, and any drawer or indorser to that the regular legal steps to fix the liability of
whom such notice is not given is discharged drawer and indorsers have been taken
Form, Contents, Time Sec. 95, 96, 102, When necessary: sec. 152,
103, 104, 105, 106, 108, 113 Form and contents: sec. 153
By whom made: sec. 154
By Whom Given Time and Place: sec. 155, 156
By or on behalf of the holder or any For better security: sec. 158
party to the instrument who may be Excused: sec. 159
compelled to pay it to the holder, and Waiver: sec. 111
who, upon taking it up, would have a
right to reimbursement from the party to Acceptance for Honor
whom the notice is given Sec. 161, 131, 171
Notice of dishonor may be given by an
agent either in his own name or in the Bills in Set: 178-183
name of any party entitled to give notice,
whether that party be his principal or not
Where instrument has been DISCHARGE
dishonored in hands of agent, he A. Of the Instrument
may either himself give notice to the 1. payment in due course by or on behalf of
parties liable thereon, or he may principal debtor
give notice to his principal (as if Payment in due course:
agent an independent holder) 1. made at or after maturity
2. to the holder thereof
In whose favor notice operates 3. in good faith and without notice that his
1. when given by/on behalf of holder: title is defective
insures to benefit of 2. payment in due course by party
a. all subsequent holders and accommodated where party is made/
b. all prior parties who have a right of accepted for accommodation
recourse vs. the party to whom its 3. intentional cancellation by holder
given if unintentional or under mistake or
2. where notice given by/on behalf of a without authority of holder, inoperative.
party entitled to give notice: insures for Burden of proof on party which alleges
benefit of a. holder , and it was unintentional, etc.
b. all parties subsequent to party to 4. any other act which discharges a simple
whom notice given contract
5. principal debtor becomes holder of
Waiver Sec. 109, 110 instrument at or after maturity in his own
right
Where not necessary to charge drawer 6. renunciation of holder:
1. drawer/drawee same person holder may expressly renounce his
2. drawee fictitious, incapacitated rights vs. any party to the instrument,
3. drawer is person to whom instrument is before or after its maturity
presented for payment absolute and unconditional renunciation
4. drawer has no right to expect/require of his rights vs. principal debtor made
that drawee/acceptor will honor at or after maturity discharges the
instrument instrument
5. drawer countermanded payment renunciation does not affect rights of
HDC w/o notice.
Where not necessary to charge indorser Renunciation must be in writing unless
1. drawee fictitious, incapacitated, and instrument delivered up to person
indorser aware of the fact at time of primarily liable thereon
indorsement 7. material alteration (sec. 124: material
2. indorser is person to whom instrument alteration w/o assent of all parties liable
presented for paymt avoids instrument except as against party
3. instrument made/accepted for his to alteration and subsequent indorsers)
accommodation
B. Of secondary parties
1968
1. any act which discharges the instrument

2. intentional cancellation of signature by
holder
3. discharge of prior party
4. valid tender of payment made by prior
party
5. release of principal debtor, unless
holders right of recourse vs. 2ndary
party reserved
6. any agreement binding upon holder to
extend time of payment, or to postpone
holders right to enforce instrument,
unless made with assent of party
secondarily liable, or unless right of
recourse reserved.
8. Failure to make due presentment (sec.
70, 144)
9. failure to give notice of dishonor
10. certification of check at instance of
holder
11. reacquisition by prior party
where instrument negotiated back to
a prior party, such party may reissue
and further negotiate, but not entitled
to enforce payment vs. any
intervening party to whom he was
personally liable
where instrument is paid by party
secondarily liable, its not
discharged, but
a. the party so paying it is remitted
to his former rights as regard to
all prior parties
b. and he may strike out his own
and all subsequent
indorsements, and again
negotiate instrument, except
where its payable to order of
3rd party and has been paid
by drawer
where its made/accepted for
accommodation and has
been paid by party
accommodated

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LEX LEONUM FRATERNITAS

NEGOTIABLE INSTRUMENTS LAW a. check may not be encashed but

b. a statement of the transaction which c. drawee, or

* relate to sec. 11 ( presumption as to CONTINUATION OF NEGOTIABLE

b. a remote party other than holder in 2. Blank specifies no indorsee, instrument

Where holder of instrument payable to

*material alteration a personal defense

drawer may insert in the instrument an

Notice of Dishonor Protest

1. any act which discharges the instrument

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