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    140 views71 pages

    Nego Miravite PDF

    Uploaded by

    Ren Magallon

    Copyright:

    © All Rights Reserved
    Download as PDF or read online from Scribd
    Flag for inappropriate content
    of 71
    —_ ao CHAPTER IV NEGOTIABLE INSTRUMENTS LAW ~ (Act 2031) 1. Brot History of the Law ‘Act No. 2051, me Nogoia0¥ insuments Law, 100K etect on juno 2, 7911, ana ie patomed ator the US. Uniorm Nogotadie insrumonts Law, which in tum i copied from the English Bil of Exchange Act of 1882, ‘The Negatabe Instruments Law was enacted forthe purpose of fecitaing, not Rndering of hampering, Varsactons In commercial paper (Osmena vs, Ctibane, 426 SCRA 158) I Nature of Negotable instruments Bar Question: What is 2 negotiable instument? (2005, 1949, 1946 a ‘Answer: A nogetable insrument is @ writen contract for the payment of money which by its foe and on is face is irtonded 35 2, ‘Substitute for money and passes from hand o Rand as money, S08 To gv the holder mde course the right fo hal he nsrument and Calc he sum for ims. ar Question: Stal in brit the commercial ction of negotiable ‘paper (7951 Bo) Answer: The commercial functions of negotiable paper ar (1)T0 ‘supplement the curency ofthe government nd (2) To substitute formoney and neroaso the purchasing medium In commercishusege, they ar regarded as substutes for cash sitnough not legal tender (Sy vs. People, 172 SCRA 635), Sted isthe rule at paymont must be made in logal tocar. A check isnot legal tender", therefore, cannot constiuts a valid {ender of paymont. Since « nedotable nevumant fs only a substiute ‘oemonoy and nol money the dolvery of suen an instumant coos ‘ot by feet operate as payment. Moro dalvary of checks doos not

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