IMPORTANCE & PURPOSE OF NIL

Osmea v Citibank

Negotiable Instruments Law was enacted for the purpose of facilitating, not hindering or
hampering transactions in commercial paper. Thus, the said statute should not be
tampered with haphazardly or lightly. Nor should it be brushed aside in order to meet the
necessities in a single case.

BPI Express Card Corp. v CA

The issuance of the postdated check was not effective payment on the part of Marasigan and thus, the bank
was justified in suspending temporarily his
use of the credit card. A check is only a substitute for money and not
money, and the delivery of such instrument doesn't itself operate as payment.

Roman Catholic Bishop of Malolos v IAC

Since a negotiable instrument is only a substitute for money and not money, the delivery of such
an instrument does not, by itself, operate as payment