Mercantile

Mercantile
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Bar Bar Mercantile
Examination
Examination
Q &Q A& Law Page 80 89
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Bar Examination Q & A (1990-2006)
(1990-2006)
A (1990-2006) 77
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the some
between holder(1990)
money of such
immediate
at the and, timecalendar
topays parties
of ahas title latter
are:
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prior
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parties itfor to deposit
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bank. it
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fact for
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to Noble
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thatthe presence
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nor
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that
requisites
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have
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right party
sufficient 1note
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of funds.
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in value.
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15, may
2002
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(Sec no
2
ofit is
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d)
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Accommodation
Accommodation
ANSWER: by
decision gives
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the holder the
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How dishonored
decision
set
do
Carlos,
either
of
instrument
10,000.00
in
up
you
the
Explain
due
to
C
the
took
correct?
being
(1998)
by
treat
promissory
is
course
require
(2%)
that
defense
the
Richard awas
discharged.
(See
immediate
payment
promissory
negotiable
of
Clinton.
note.
allowed
Bataan
forgery,
in by
Cigar
parties
money
May noteSeñorita
and
because or to
from a be
Napoleon
to the by 4 2.
4) b) value
Benito
accepted
Yes,
Deposit Supposing
Warehouse
secondarily,
That
caused andreceived,
ator
Reliable
Only.” Celso
and
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paidtime who
receipts
checks hereby
warrants
Finance or are
was to-same
both promise
parties accepted
Non-Negotiable
that
Corporation
negotiated
pass facts,
the toisPedro
through payaand
toto the the
b) A
Incomplete
Party
Dagul payee
Party
fraudulently
On
holder June
(2005)
has (1991)
for 1,cana 1990, be
obtained
Instruments;
value, business a A
B. “holder
obtainedthe in
note
arrangement a due loan
from course.”
of Pablo
P100th
with bank
Parties;
Juan
paid to3
Santos
forgery pays
accordingB when
Holder or
the
of The such
order
said check
in
Celso’s
to Due payment
the
P20,000
its is
tenor,sum issued
signature of
may
and is TEN for
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note? him,
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Checks; the
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(Maniladue
Validity; is
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house Bill
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whether from
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aJulian
later
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note? payee
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Instruments thanlend
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20Dec1990. Pablo’s to B The
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1996
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dishonored,
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represents
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2.2)
the
settings. (1996)
it issued
Eva
same
to PESOS
good,
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Appeals,
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an No.and
issued by
amount
not the
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(P10,000)
instrument
will
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corporation person
to
pay
money.
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Imelda
from
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payee
thirty
X? aof(2%)
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he
apparently check
are
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(30)had
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1990).indays
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prior
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Bank’s
1.amountof
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or
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required
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Given
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ANSWER: to the genuineness
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in holder
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issue who
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him is for
is
ina
whose 30
(2002)
liable
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circumstances
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ANSWER: promissory
negotiating
(1991)
Mr. Lim issued it. note
(Sec
a check for value,
52, NIL)
drawn and
against there BPI are no
Check
On
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Instrument
Jun
appear
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drawer
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March
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under
Camilo.
amount
Where
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(1996)
holder
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thetoa1996,
(BPI
a) is
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(2006)to Pablo
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20Dec1990.
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enforce
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note valid
note
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business
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said isbe
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P1,000
hesofrom
a
basis
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made
As to 5) accommodation
(1993)
Discuss
Checks;
1995,party become
as
contract;
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the
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notes
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payment
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is Bank. However,
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a crossed v Onthe
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(1996)
aSep
hecheck
nature
and
181 check
thereunder.
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purchased. 15,
s and
being
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of
for
1995,
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validity
anP10,000
Excel
payable
became
On theof did notathe
it
the to
crossed
bill May
SUGGESTED
checks.
note Negotiable
2002.
GRor 72764
Despite
the a check
Camilo
knowledge
to CD
note,
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ANSWER: in
gothe
indorsed
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special the
instructed
Facundo. against
of amount
B,
holder thePablo
Law).
requested
Ruth, Pablo?
may of
note
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P30,000
made
treatc) inhimself,
his May
secretary,
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itfriend, post-
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instrumentDefense
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bank check alteredof
to absence
MT
subsequent
guarantees the of to
all theprior
correct? or negligence
requirements Explain. (3%)
for of the
negotiability. drawer the same
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take day itofin
Cash that or render
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accordance
Bond issued vs. it valueless;
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with
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dated
a. No.
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as
fill benefited
Page
Camilo Mar
delivered
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President
a
accommodation bill
them 31,
serial
thereon,
ofas the
ANSWER:
enforce of
exchange
payment in
1996.
Saad same
number
party? the
the
said Upon
orforto atransaction.
note
Banking is receipt
EF.not GH
remained
against
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his
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material
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Julian? To
notethe
a Ruth hold
note
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consideration
amountPhilippine
investment September
thewhich check
National paid to 1,the 1993
be
P210,000 amount interposed
and of P40th by
remedy of the drawee-bank is against the forgery
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time of and
endorsements
his (2000)
who
indorsement, indorsed the the
including same
instrument the to Felix,
is forged
mere Lim
DeliveredInstruments;
check,
particularotherwise
from CD EF
ofBytes the would
and discounted
check. on also contravene
September the check the
with
14, basic
2002 Bond ordered
which
Distinguish (2004)
accommodation the BPI
check
clearly to stop was
cash
party payment.
issued.bond
against aPer
Failure
from holder on in
surety itsdue
his
filled instrument
Against
accommodate
election.
party one whom
check
responsible and can
him.
withcanfor CIts
Julian be
her
the alteration
agreed, negotiated
have
name
forgery. hetheas does
right
signed
Otherwise, by of
payee, a deposited
Bank
to her.
can
valid Escolta,
Eva
be and the
heldfailed
endorsement check
Manila
liable
subsisting; to to
sell
bysaidhis
the
itself
and account
ring,
latter.
that and so
on with
she ND
should
due be held
Comparative
Fund rules House.
presented of When Negligence
unjust
itmaterial
to AB enrichment. (1997) Even in standard
bond.part
course. to banking
inquire practice,
as to Lim
purpose, was made to
not
placed constitute
delivery.
recourse?
check for
P30,000.00 the aforesaid X for
thereon, delivered payment.
amount
endorsed and When
dated transferred
and asked
20Dec Bank.
Branch”
returned When
presentment, toND
itliable Imelda Bank
it shall onpresented
Sepaccepted
be 19, 1995. the check or paid, or
negotiable
by instruments, the account with the sign a waiver of BPI’s
theAB,
1990, note GH
drawn tosaid Napoleon,
against CD Saad’s the for both,toaccording
Unable retrieve her to its check,tenor,Eva andwithdrew that if it be
ABC dishonored and the necessary proceedings
on dishonor
Yes. The suit will prosper as far as the face value of the note is concerned, but not with
respect to the interest due subsequent to the maturity of the note and the costs of
collection. RP was ready and willing to pay the note at the specified place of payment on the
specified maturity date, but PN did not show up. PN lost his right to recover the interest due
subsequent to the maturity of the note and the costs of collection.