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    The document discusses the Negotiable Instruments Law, which governs negotiable instruments in the Philippines and is modeled after the Uniform Negotiable Instruments Act of the United States from 1896. It outlines important provisions of the NIL related to elements of negotiable instruments, forgery, material alteration, accommodation parties, negotiation, indorsement, holders in due course, warranties, presentment, notice of dishonor, and definitions of bills of exchange, promissory notes, and checks. A negotiable instrument must conform to requirements of negotiability under Section 1 of the NIL and can be passed from one person to another, but its terms cannot be changed. Negotiable instruments serve as payment, substitute for

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    The document discusses the Negotiable Instruments Law, which governs negotiable instruments in the Philippines and is modeled after the Uniform Negotiable Instruments Act of the United States from 1896. It outlines important provisions of the NIL related to elements of negotiable instruments, forgery, material alteration, accommodation parties, negotiation, indorsement, holders in due course, warranties, presentment, notice of dishonor, and definitions of bills of exchange, promissory notes, and checks. A negotiable instrument must conform to requirements of negotiability under Section 1 of the NIL and can be passed from one person to another, but its terms cannot be changed. Negotiable instruments serve as payment, substitute for

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    © All Rights Reserved
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    12 views10 pages

    Nego

    Uploaded by

    Lo
    The document discusses the Negotiable Instruments Law, which governs negotiable instruments in the Philippines and is modeled after the Uniform Negotiable Instruments Act of the United States from 1896. It outlines important provisions of the NIL related to elements of negotiable instruments, forgery, material alteration, accommodation parties, negotiation, indorsement, holders in due course, warranties, presentment, notice of dishonor, and definitions of bills of exchange, promissory notes, and checks. A negotiable instrument must conform to requirements of negotiability under Section 1 of the NIL and can be passed from one person to another, but its terms cannot be changed. Negotiable instruments serve as payment, substitute for

    Copyright:

    © All Rights Reserved
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    of 10

    Negotiable Instruments Law

    Atty. Ronic Treptor


    Introduction
    Module 1
    Introduction
    • What law governs negotiable instruments?
    • Act No. 2031

    • This was enacted on February 3, 1911, and took effect on June 2, 1911.

    • This is almost the same exact copy of the Uniform Negotiable Instruments Act
    of the United States of 1896.
    Introduction
    • Important provisions under the NIL:
    • Sec. 1 – Elements of Negotiable Instrument
    • Sec. 2 – certainty of the amount payable
    • Sec. 3 in rel. to Sec. 47 – unconditional character of instrument
    • Sec. 4 – determinable future time, fixed future time, contingency
    • Sec. 5 – provisions that do not affect the negotiability of the instrument
    • Sec. 6 – omissions and additions
    • Sec. 7 – payable on demand
    Introduction
    • Important provisions under the NIL:
    • Sec. 23 – forgery
    • Sec. 124 – material alteration
    • Sec. 125 – material alteration
    • Sec. 24 – presumption of valuable consideration
    • Sec. 28 – want of consideration and failure of consideration
    • Sec. 29 – accommodation party
    • Sec. 30 – negotiation (referring to transfer of instrument)
    • Sec. 33-39 – kinds of indorsement eg. Blank, special, restrictive (36), qualified,
    conditional
    • Sec. 48 – striking out indorsement
    • Sec. 52 – what constitutes a holder in due course
    • Sec. 59 - presumption
    Introduction
    • Important provisions under the NIL:
    • Sec. 57 – rights of a holder in due course
    • Sec. 60 – liability of a maker
    • Sec. 61 – liability of a drawer
    • Sec. 62 – liability of an acceptor
    • Sec. 65 & 66 – warranties of an indorser
    • Sec. 70-73 – presentment for payment
    • Sec. 89 – notice of dishonor
    • Sec. 126 – definition of bill of exchange
    • Sec. 184 – definition of a promissory note
    • Sec. 185 – definition of a check
    Definition of Terms
    • What is a negotiable instrument?
    • It is a written contractual obligation that requires the payment of money.

    • To be a negotiable instrument under the law, it must conform to the formal


    requirements of negotiability under Sec. 1 of the NIL.

    • What is meant by “negotiable”?


    • It means the instrument can be passed upon from one person to another. This
    does not mean that the terms of the instrument can still be changed.
    Definition of Terms
    • What are the purposes of negotiable instruments?
    • Payment in money
    • Substitute for money
    • Intended to pass like money
    Definition of Terms
    • Are negotiable instruments considered legal tender?
    • No. Negotiable instruments, although intended as a substitute for money are
    not considered legal tender.

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