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The Law On Negotiable Instrument Essay

827 words - 4 pages

THE LAW ON NEGOTIABLE INSTRUMENTS

Definition of Terms

CHAPTER 1

Form and Interpretation

Section 1. Form of Negotiable Instruments

Commercial Paper – a written promises or obligations that arise out of commercial transactions from the use of such instruments as promissory notes and bills of exchange.

Maker – the person issuing a promissory note

Drawer – person issuing bill of exchange

Money - medium of exchange authorized or adopted by a domestic or foreign government as part of its currency.

In literal sense, the term means “cash.” It also includes all legal tender.

Legal Tender – that currency which a debtor can legally compel a creditor to accept a payment ...view middle of the document...

Acceptor – a drawee who accepts the bill. He becomes primarily liable like the maker of a note, the drawer becoming only a surety.

Section 2. Certainty as to sum; what constitutes.

Stated Installments – the interest of each installment; the due date of each installment must be fixed in the instrument.

Exchange – the charge for the expense of providing funds at the place where the instrument is payable to meet the instrument which is issued at another place. It may be at a fixed rate of at a current rate.

R.A. No. 8183 – states that every monetary obligation must be paid in Philippine currency which is legal tender in the Philippines.

Section 3. When promise is unconditional.

Order – a command or imperative direction and, therefore, a mere request, supplication, or authority.

Section 4. Determinable future time.

After sight – after the instrument is seen by the drawee upon presentment for acceptance or accepted by the drawee.

Contingency – is, in law, an uncertain future event, or an event which may or may not happen.

Section 5. Additional provisions not affecting negotiability.

Confession of Judgment – it is a written acknowledgement by the defendant of his indebtedness or liability to the plaintiff. It enables the holder to obtain a judgment without the delay usually incident to a lawsuit, as it eliminates the necessity of a trial.

Section 6. Omissions; seal; particular money .

Sealed Instrument – under American law, is non-negotiable and is subject...

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