NEGOTIABLE INSTRUMENTS IN GENERAL. v Form and Interpretation 16 ‘THE LAW ON NEGOTIABLE INSTRUMENTS are different. (see ibid.) Persons who transfer or a contractual or non-negotiable rights pass only the right that they had. Nature of non-negotiabl (2) The payee may be specifically designated by name, ‘or office or title (eg., Treasurer of X corporation), or may be unspecified (¢.g., “bearer’’). Q) He may seck payment personally or further nego- tiate (see Sec. 30.) the instrument. Thus, the maker promises to pay to the payee or to a holder. (see Sec. 191, par. 7.) ature must appear on the face of — promissory note or bill of exchange — is ii delivered, additional parties can also become involved. EXAMPLES: The foregoing illustrations show the general outline and ten on the face of of negotiation, as rights that they had. Promissory note defined. (1) A negotiable promissory is an uncon promise in writing made by one person to another, by the maker, engaging to pay on demand, or at a fixed determinable future time, a sum certain in money to ord or to bearer. (see Sec. 184.) 2) A promissory note, briefly stated, is a written prot ise to pay a sum of money. It is commonly referred to as nnote. (see ibid.) It may be a demand instrument (see Sec. but is normally a'time instrument. (see Sec. 4.) Original parties to a promissory note. ‘This class of negotiable instruments is a promise paper, two-party paper. (1) There are originally two (2) parties in a promi note. The one who makes the promise and signs the ment is called the maker and the party to whom the pro: is made or the instrument is payable is called the payee. principal features of a negotiable promissory note: (1) Payable o order: (a) ‘August 5, 2016 Manila P10,000 For value received, I promise to pay to the order of Alfredo M. Almeda the sum of Ten Thousand Pesos (P10,000) on or before September 5, 2016, at his house at Pateros, Metro Manila. (Ggd.) Arsenio F. Flores (b) ‘August 5, 2016 Manila 10,000 ‘Thirty daysafterdate, I promiseto pay to Alfredo M. Almeda or order the sum of Ten Thousand Pesos, (P10,000), (Sgd.) Arsenio F, Flores