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What constitutes a holder in due course

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Reference no: EM132906973

Questions - Please refer to the Philippine law of negotiable instrument

1. What is Negotiable Instrument?

2. Define Promissory Note?

3. Define bill of exchange?

4. A maker executed a promissory note payable to the order of B, payee. B lost the note. X found it, signed the name of B and negotiated the instrument to C; C to D;   D to E, holder.

a. Can E go against D, C and X (forger)? Why?

b. Can E go against B? Why?

c. Can E go against A? Why?

5. X (forger) executed a bill of exchange by signing the name of Y as drawer, making himself (X) as payee of the instrument and addressed the bill to Z as drawee. Then X (forger-payee) negotiates the bill to A who presents the instrument to Z for acceptance.

Z accepts and signs the bill as acceptor. Can Z later refuse to pay the bill by putting up the defense of forgery of the signature of the drawer? Why?

6. What are the liabilities/warranties of a maker?

7. What are the liabilities/warranties of a drawer?

8. What are the liabilities/warranties of an acceptor?

9. What are the liabilities/warranties of general endorsers?

10. What constitutes a holder in due course?

Reference no: EM132906973

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