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?