at least the surname should appear and generally the signature (It
may consist of mere initials or even numbers)
where the name is NOT signed, the HOLDER must prove that what is
written is intended as a signature of the person sought to be charged
printed
typewritten
stamped
engraved
photographed
lithographed
Bill
Order (NOT mere authority to pay nor request)
may be equivalent
negotiable
Note
Promise
may be
existence of a debt
money - NOT bonds, corp. stock, state paper, scrip, checks, foreign
bills, treasury certs.
order - equivalent
assigns
assignees
holder
only
(e) Where the instrument is addressed to a drawee, he must be named or
otherwise indicated therein with reasonable certainty. - additional req. for
bill
3.
may be at
2.
current rate
3.
fixed rate
(e) with costs of collection or an attorney's fee, in case payment shall not be
made at maturity.
Attorney's fee
must be reasonable
Overdue instrument - NOT fully negotiable - holder NOT holder in due course
*Sec. 3. When promise is unconditional. - An unqualified order or promise to
pay is unconditional within the meaning of this Act though coupled with:
(a) An indication of a particular fund out of which reimbursement is to be
made or a particular account to be debited with the amount; or
Example:
chattel notes
reference to mortgages
(c) waives the benefit of any law intended for the advantage or protection of
the obligor; or
presentment of payment
2.
notice of dishonor
3.
protest
However, there are cases where the date is necessary to fix the
maturity date
(b) does not specify the value given, or that any value had been given
therefor; or
consideration is presumed
(c) does not specify the place where it is drawn or the place where it is
payable; or
(d) bears a seal; or
(e) designates a particular kind of current money in which payment is to be
made.
contract that foreign currency has fixed value in relation to the money
of the country in w/c the instrument is payable but no such contract
exists in the Phils.
But nothing in this section shall alter or repeal any statute requiring in
certain cases the nature of the consideration to be stated in the instrument.
*Sec. 7. When payable on demand. - An instrument is payable on demand:
(a) When it is so expressed to be payable on demand, or at sight, or on
presentation; or
when blank for time for payment unfilled- may be filled under
incomplete intruments Sec 14,15 or 16
Where an instrument is issued, accepted, or indorsed when overdue, it is, as
regards the person so issuing, accepting, or indorsing it, payable on
demand.
only as to immediate parties
2.