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THE NEGOTIABLE INSTRUMENTS

PHILIPPINES - CHAN ROBLES V
LIBRARY

This web page contains the full t
Act No. 2031
February 03, 1911

ACT NO. 2031
February 03, 1911

ChanRobles MCLE I. FORM AND INTERPRETATIO
On-line
ChanRobles Lawnet Inc. - Section 1. Form of negotiable instruments. -

ChanRobles MCLE On-line : be negotiable must conform to the following
www.chanroblesmcleonline.com
(a) It must be in writing and signed
drawer;
(b) Must contain an unconditional pro

pay a sum certain in money;
(c) Must be payable on demand, o

determinable future time;
(d) Must be payable to order or to beare
(e) Where the instrument is addressed

must be named or otherwise indica
reasonable certainty.
Sec. 2. What constitutes certainty as to

payable is a sum certain within the mea
although it is to be paid: chanroblesvirtuallawlibrary
(a) with interest; or
(b) by stated installments; or
(c) by stated installments, with a pro

default in payment of any installment o
whole shall become due; or
(d) with exchange, whether at a fixe

current rate; or
(e) with costs of collection or an attor

payment shall not be made at maturity.
Sec. 3. When promise is unconditional. - An

or promise to pay is unconditional within th
Act though coupled with: chanroblesvirtuallawlibrary
(a) An indication of a particular fu

reimbursement is to be made or a par
be debited with the amount; or
(b) A statement of the transaction whic

instrument.
But an order or promise to pay out of a par

unconditional.chan robles virtual law library
Sec. 4. Determinable future time; what

instrument is payable at a determinable fu
the meaning of this Act, which is expressed t
(a) At a fixed period after date or sight;
(b) On or before a fixed or determin

specified therein; or
(c) On or at a fixed period after the

specified event which is certain to ha
time of happening be uncertain.
An instrument payable upon a contingency

and the happening of the event does not cure
Sec. 5. Additional provisions not affecting n

instrument which contains an order or prom
in addition to the payment of money is not n
negotiable character of an instrument otherw
not affected by a provision which: chanroblesvirtuallawlibrary
(a) authorizes the sale of collateral sec

instrument be not paid at maturity; or
(b) authorizes a confession of judgment

be not paid at maturity; or
(c) waives the benefit of any law

advantage or protection of the obligor; o
(d) gives the holder an election to req

be done in lieu of payment of money.
But nothing in this section shall validate

stipulation otherwise illegal.
Sec. 6. Omissions; seal; particular money. -

negotiable character of an instrument are n
fact that: chanroblesvirtuallawlibrary
(a) it is not dated; or
(b) does not specify the value given,

had been given therefor; or
(c) does not specify the place where i

place where it is payable; or
(d) bears a seal; or
(e) designates a particular kind of c

which payment is to be made.
But nothing in this section shall alter or r

requiring in certain cases the nature of the c
stated in the instrument.
Sec. 7. When payable on demand. - An instr

on
demand: chanroblesvirtuallawlibrary
(a) When it is so expressed to be payab

at sight, or on presentation; or
(b) In which no time for payment is exp
Where an instrument is issued, accepted, o

overdue, it is, as regards the person so issu
indorsing it, payable on demand.
Sec. 8. When payable to order. - The instrum

order where it is drawn payable to the ord
person or to him or his order. It may be dra
order of: chanroblesvirtuallawlibrary
(a) A payee who is not maker, drawer, o
(b) The drawer or maker; or
(c) The drawee; or
(d) Two or more payees jointly; or
(e) One or some of several payees; or
(f) The holder of an office for the time b
Where the instrument is payable to order, t

named or otherwise indicated therein
certainty.
Sec. 9. When payable to bearer. - The instrum

bearer: chanroblesvirtuallawlibrary
(a) When it is expressed to be so payab
(b) When it is payable to a person n

bearer; or
(c) When it is payable to the order of a

existing person, and such fact was kno
making it so payable; or
(d) When the name of the payee does

the name of any
person; or
(e) When the only or last indorsement

in blank.
Sec. 10. Terms, when sufficient. - The inst

follow the language of this Act, but any te
which clearly indicate an intention to
requirements hereof.
Sec. 11. Date, presumption as to. - Where the

acceptance or any indorsement thereon is d
deemed prima facie to be the true date
drawing, acceptance, or indorsement, as t
chanrobles law
Sec. 12. Ante-dated and post-dated. - The

invalid for the reason only that it is ante-dat
provided this is not done for an illegal or fra
The person to whom an instrument so d
acquires the title thereto as of the date of de
Sec. 13. When date may be inserted. - Whe

expressed to be payable at a fixed period af
undated, or where the acceptance of an instr
a fixed period after sight is undated, any h

therein the true date of issue or acce
instrument shall be payable accordingly. T
wrong date does not avoid the instrument
subsequent holder in due course; but as to
inserted is to be regarded as the true date.
Sec. 14. Blanks; when may be filled. - Where

wanting in any material particular, the pers
thereof has a prima facie authority to compl
the blanks therein. And a signature on a blan
by the person making the signature in ord
may be converted into a negotiable instrum
prima facie authority to fill it up as such fo
order, however, that any such instrument
may be enforced against any person who
thereto prior to its completion, it must be f
accordance with the authority given and wi
time. But if any such instrument, afte
negotiated to a holder in due course, it is v
for all purposes in his hands, and he may enf
been filled up strictly in accordance with th
and within a reasonable time.
Sec. 15. Incomplete instrument not delive

incomplete instrument has not been delive
completed and negotiated without autho
contract in the hands of any holder, as ag
whose signature was placed thereon before d
Sec. 16. Delivery; when effectual; when p

contract on a negotiable instrument is
revocable until delivery of the instrument f
giving effect thereto. As between immedia
regards a remote party other than a holder
delivery, in order to be effectual, must be m
under the authority of the party making, dr
or indorsing, as the case may be; and, i
delivery may be shown to have been con
special purpose only, and not for the purpo

the property in the instrument. But where th
the hands of a holder in due course, a valid d
all parties prior to him so as to make them
conclusively presumed. And where the instru
in the possession of a party whose signature
a valid and intentional delivery by him is p
contrary is proved.
Sec. 17. Construction where instrument is am

the language of the instrument is ambigu
omissions therein, the following rules of cons
(a) Where the sum payable is express

also in figures and there is a discrepa
two, the sum denoted by the words is
but if the words are ambiguous or un
may be had to the figures to fix the amo
(b) Where the instrument provides fo

interest, without specifying the date fro
is to run, the interest runs from
instrument, and if the instrument is u
issue thereof;
(c) Where the instrument is not d

considered to be dated as of the time it
(d) Where there is a conflict between

printed provisions of the instrume
provisions prevail;
(e) Where the instrument is so ambigu

doubt whether it is a bill or note, the h
as either at his election;
(f) Where a signature is so placed upo

that it is not clear in what capacity the p
same intended to sign, he is to be deem
(g) Where an instrument containing the

to pay" is signed by two or more p
deemed to be jointly and severally liable
Sec. 18. Liability of person signing in trade o

- No person is liable on the instrument who
not appear thereon, except as herein oth
provided. But one who signs in a trade or as
be liable to the same extent as if he had s
name.
Sec. 19. Signature by agent; authority; ho

signature of any party may be made by a
agent. No particular form of appointment is
purpose; and the authority of the agent may
in other cases of agency.
Sec. 20. Liability of person signing as agen

Where the instrument contains or a per
signature words indicating that he signs for
principal or in a representative capacity, he i
instrument if he was duly authorized; but the
words describing him as an agent,
representative character, without disclosing
not exempt him from personal liability.
Sec. 21. Signature by procuration; effect of.

"procuration" operates as notice that the
limited authority to sign, and the principal
case the agent in so signing acted within th
his authority.
Sec. 22. Effect of indorsement by infant or

indorsement or assignment of the instrumen
or by an infant passes the property therein
that from want of capacity, the corporation o
no liability thereon.
Sec. 23. Forged signature; effect of. - Wh

forged or made without the authority of t
signature it purports to be, it is wholly ino
right to retain the instrument, or to give a d
or to enforce payment thereof against any p
be acquired through or under such signature
against whom it is sought to enforce such
from setting up the forgery or want of author
II. CONSIDERATION
Sec. 24. Presumption of consideration. - Ev
instrument is deemed prima facie to have b
valuable consideration; and every person w
appears thereon to have become a party th
Sec. 25. Value, what constitutes. — Value is a

sufficient to support a simple contract. An a
existing debt constitutes value; and is deem
the instrument is payable on demand or a
Sec. 26. What constitutes holder for value. -

at any time been given for the instrument
deemed a holder for value in respect to all pa
such prior to that time.
Sec. 27. When lien on instrument constitutes
— Where the holder has a lien on the instrum
from contract or by implication of law, he is
for value to the extent of his li
Sec. 28. Effect of want of consideration. - Ab

consideration is a matter of defense as again
a holder in due course; and partial failure of
defense pro tanto, whether the failure is an
liquidated amount or otherwis
Sec. 29. Liability of accommodation p

accommodation party is one who has signed
maker, drawer, acceptor, or indorser, withou
therefor, and for the purpose of lending hi

other person. Such a person is liable on the
holder for value, notwithstanding such hold
taking the instrument, knew him to be only a
party.
III. NEGOTIATION
Sec. 30. What constitutes negotiation. - A

negotiated when it is transferred from one p
in such manner as to constitute the transf
thereof. If payable to bearer, it is negotiate
payable to order, it is negotiated by the ind
holder and completed by delive
Sec. 31. Indorsement; how made. - The indo

written on the instrument itself or upon a
thereto. The signature of the indorser, wit
words, is a sufficient indorsem
Sec. 32. Indorsement must be of entire ins

indorsement must be an indorsement of the e
An indorsement which purports to transfer t
part only of the amount payable, or which pu
the instrument to two or more indorsees se
operate as a negotiation of the instrument
instrument has been paid in part, it may be i
residue.
Sec. 33. Kinds of indorsement. - An indorsem

special or in blank; and it may also be eith
qualified or conditional.
Sec. 34. Special indorsement; indorsement in

indorsement specifies the person to whom, o
the instrument is to be payable, and the ind
indorsee is necessary to the further nego
instrument. An indorsement in blank specif
and an instrument so indorsed is payable to
be negotiated by delivery.
Sec. 35. Blank indorsement; how chang

indorsement. - The holder may convert a bla
into a special indorsement by writing over th
indorser in blank any contract consistent wit
the indorsement.
Sec. 36. When indorsement restrictive. - An

restrictive which either: chanroblesvirtuallawlibrary
(a) Prohibits the further negotiation of t
(b) Constitutes the indorsee the agent o
(c) Vests the title in the indorsee in trus

of some other persons.
But the mere absence of words implying po

does not make an indorsement restrictive.
Sec. 37. Effect of restrictive indorsement; rig

A restrictive indorsement confers upon t
right: chanroblesvirtuallawlibrary
(a) to receive payment of the instrumen
(b) to bring any action thereon that t

bring;
(c) to transfer his rights as such ind

form of the indorsement authorizes him
But all subsequent indorsees acquire only th

indorsee under the restrictive indorsement.
Sec. 38. Qualified indorsement. - A quali

constitutes the indorser a mere assignor o
instrument. It may be made by adding
signature the words "without recourse"
similar import. Such an indorsement doe
negotiable character of the instrument.
Sec. 39. Conditional indorsement. - Where a

conditional, the party required to pay the
disregard the condition and make payment t
his transferee whether the condition has bee
But any person to whom an instrument
negotiated will hold the same, or the proceed
to the rights of the person indorsing conditio
Sec. 40. Indorsement of instrument paya

Where an instrument, payable to bearer, is i
it may nevertheless be further negotiated by
person indorsing specially is liable as indo
holders as make title through his indorsemen
Sec. 41. Indorsement where payable to two o

Where an instrument is payable to the orde
payees or indorsees who are not partners,
unless the one indorsing has authority to
others.
Sec. 42. Effect of instrument drawn or indors

cashier. - Where an instrument is drawn
person as "cashier" or other fiscal office
corporation, it is deemed prima facie to be pa
or corporation of which he is such offic
negotiated by either the indorsement
corporation or the indorsement of the officer
Sec. 43. Indorsement where name is misspe

- Where the name of a payee or indo
designated or misspelled, he may indorse t
therein described adding, if he thinks fit, his
Sec. 44. Indorsement in representative capa

person is under obligation to indorse in
capacity, he may indorse in such terms as to
liability.robles virtual law library
Sec. 45. Time of indorsement; presumption.

indorsement bears date after the maturity o
every negotiation is deemed prima facie to h
before the instrument was overdue.
Sec. 46. Place of indorsement; presumption

the contrary appears, every indorsement is
facie to have been made at the place where
dated.
Sec. 47. Continuation of negotiable characte

negotiable in its origin continues to be nego
been restrictively indorsed or discharged
otherwise.
Sec. 48. Striking out indorsement. - The h

time strike out any indorsement which is no
title. The indorser whose indorsement is st
indorsers subsequent to him, are thereb
liability on the instrument.
Sec. 49. Transfer without indorsement; effec

holder of an instrument payable to his orde
value without indorsing it, the transfer vests
such title as the transferor had therein, a
acquires in addition, the right to have the in
transferor. But for the purpose of determi
transferee is a holder in due course, the
effect as of the time when the indorsement is
Sec. 50. When prior party may negotiate ins

an instrument is negotiated back to a prior
may, subject to the provisions of this Act, re
negotiable the same. But he is not entitled to
thereof against any intervening party to
personally liable.
IV. RIGHTS OF THE HOLDER
Sec. 51. Right of holder to sue; payment. -

negotiable instrument may to sue thereon i
and payment to him in due course discharge
Sec. 52. What constitutes a holder in due cou

due course is a holder who has taken the inst
following conditions: chanroblesvirtuallawlibrary
(a) That it is complete and regular upon
(b) That he became the holder of

overdue, and without notice that it ha
dishonored, if such was the fact;
(c) That he took it in good faith and for
(d) That at the time it was negotiated

notice of any infirmity in the instrumen
title of the person negotiating it.
Sec. 53. When person not deemed holder

Where an instrument payable on demand is
unreasonable length of time after its issue,
deemed a holder in due course.
Sec. 54. Notice before full amount is pa

transferee receives notice of any infirmity in
defect in the title of the person negotiating th
has paid the full amount agreed to be paid th
deemed a holder in due course only to t
amount therefore paid by him.
Sec. 55. When title defective. - The title

negotiates an instrument is defective withi
this Act when he obtained the instrument,
thereto, by fraud, duress, or force and fear,
means, or for an illegal consideration, or whe
in breach of faith, or under such circumstanc
fraud.
Sec. 56. What constitutes notice of defect.

notice of an infirmity in the instrument or de
the person negotiating the same, the pers
negotiated must have had actual knowledge
defect, or knowledge of such facts that his ac
instrument amounted to bad faith.
Sec. 57. Rights of holder in due course. -

course holds the instrument free from any
prior parties, and free from defenses availab
among themselves, and may enforce
instrument for the full amount thereof agains
thereon.robles virtual law library
Sec. 58. When subject to original defense.

any holder other than a holder in due cou
instrument is subject to the same defenses
negotiable. But a holder who derives his title
in due course, and who is not himself a par
illegality affecting the instrument, has all t
former holder in respect of all parties prior to
Sec. 59. Who is deemed holder in due course

deemed prima facie to be a holder in due co
is shown that the title of any person who h
instrument was defective, the burden is on th
that he or some person under whom he cla
title as holder in due course. But the last-me
not apply in favor of a party who becam
instrument prior to the acquisition of such de
V. LIABILITIES OF PARTIES
Sec. 60. Liability of maker. - The maker o
instrument, by making it, engages that he wi
to its tenor, and admits the existence of th
then capacity to indorse.
Sec. 61. Liability of drawer. - The drawer
instrument admits the existence of the pay

capacity to indorse; and engages that, on d
the instrument will be accepted or paid, or b
its tenor, and that if it be dishonored and
proceedings on dishonor be duly taken, he w
thereof to the holder or to any subsequent i
be compelled to pay it. But the drawer ma
instrument an express stipulation negativin
own liability to the holder.
Sec. 62. Liability of acceptor. - The acceptor,

instrument, engages that he will pay it accor
of his acceptance and admits:
(a) The existence of the drawer, the g

signature, and his capacity and autho
instrument; and
(b) The existence of the payee and his

indorse.
Sec. 63. When a person deemed indorser. -

his signature upon an instrument otherwis
drawer, or acceptor, is deemed to be in
clearly indicates by appropriate words his
bound in some other capacity.
Sec. 64. Liability of irregular indorser. - Wh

otherwise a party to an instrument, pla
signature in blank before delivery, he is liab
accordance with the following rules: chanroblesvirtuallawlibrary
(a) If the instrument is payable to the

person, he is liable to the payee and
parties.
(b) If the instrument is payable to the o

or drawer, or is payable to bearer, h
parties subsequent to the maker or draw
(c) If he signs for the accommodation o

liable to all parties subsequent to the pa
Sec. 65. Warranty where negotiation by deli

— Every person negotiating an instrument b
qualified indorsement warrants: chanroblesvirtuallawlibrary
(a) That the instrument is genuine an

what it purports to be;
(b) That he has a good title to it;
(c) That all prior parties had capacity to
(d) That he has no knowledge of any

impair the validity of the instrume
valueless.
But when the negotiation is by delivery o

extends in favor of no holder other tha
transferee.
The provisions of subdivision (c) of this secti

a person negotiating public or corporation
than bills and notes.
Sec. 66. Liability of general indorser. - Ev

indorses without qualification, warrants t
holders in due course: chanroblesvirtuallawlibrary
(a) The matters and things mentione

(a), (b), and (c) of the next preceding s
(b) That the instrument is, at t

indorsement, valid and subsisting;
And, in addition, he engages that, on due pre

be accepted or paid, or both, as the case ma
its tenor, and that if it be dishonored an
proceedings on dishonor be duly taken, he w
thereof to the holder, or to any subsequent
be compelled to pay it.
Sec. 67. Liability of indorser where pap

delivery. — Where a person places his in
instrument negotiable by delivery, he incurs
an indorser.
Sec. 68. Order in which indorsers are liable.

another, indorsers are liable prima facie in t
they indorse; but evidence is admissible
between or among themselves, they have a
Joint payees or joint indorsees who indors
indorse jointly and severally.robles virtual law
Sec. 69. Liability of an agent or broker. - W

other agent negotiates an instrument withou
incurs all the liabilities prescribed by Section
Act, unless he discloses the name of his prin
that he is acting only as agent.
VI. PRESENTATION FOR PAYM

Sec. 70. Effect of want of demand on prin
Presentment for payment is not necessary in
the person primarily liable on the instrum
instrument is, by its terms, payable at a spe
is able and willing to pay it there at maturity
willingness are equivalent to a tender of pa
part. But except as herein otherwise provid
for payment is necessary in order to charge
indorsers.
Sec. 71. Presentment where instrument is

demand and where payable on demand.
instrument is not payable on demand, prese
made on the day it falls due. Where it is pay
presentment must be made within a reasona
issue, except that in the case of a bill o
presentment for payment will be sufficient
reasonable time after the last negotiat
Sec. 72. What constitutes a sufficient pr

Presentment for payment, to be sufficient, m
(a) By the holder, or by some pers

receive payment on his behalf;
(b) At a reasonable hour on a business d
(c) At a proper place as herein defined;
(d) To the person primarily liable on the

he is absent or inaccessible, to any pe
place where the presentment is made.
Sec. 73. Place of presentment. - Presentme

made at the proper place: chanroblesvirtuallawlibrary
(a) Where a place of payment is

instrument and it is there presented;
(b) Where no place of payment is

address of the person to make payme
instrument and it is there presented;
(c) Where no place of payment is

address is given and the instrument is
usual place of business or residence
make payment;
(d) In any other case if presented to th

payment wherever he can be found, or
last known place of business or residenc
Sec. 74. Instrument must be exhibited. - The

be exhibited to the person from whom paym
and when it is paid, must be delivered up to
it.
Sec. 75. Presentment where instrument pa
Where the instrument is payable at a bank

payment must be made during banking h
person to make payment has no funds there
time during the day, in which case present
before the bank is closed on that day is suffic
Sec. 76. Presentment where principal debtor

the person primarily liable on the instrume
place of payment is specified, presentment
be made to his personal representative, if s
if, with the exercise of reasonable diligence,
Sec. 77. Presentment to persons liable as p

the persons primarily liable on the instrum
partners and no place of payment is specified
payment may be made to any one of them, e
has been a dissolution of the firm.
Sec. 78. Presentment to joint debtors. -

several persons, not partners, primarily
instrument and no place of payment is speci
must be made to them all.
Sec. 79. When presentment not required to c

- Presentment for payment is not required i
the drawer where he has no right to expect o
drawee or acceptor will pay the instrument.
Sec. 80. When presentment not required

indorser. - Presentment is not required in o
indorser where the instrument was made o
accommodation and he has no reason to
instrument will be paid if presented.
Sec. 81. When delay in making presentme

Delay in making presentment for payment
the delay is caused by circumstances beyond
holder and not imputable to his default
negligence. When the cause of delay ce
presentment must be made with reasonable d
Sec. 82. When presentment for paymen

Presentment for payment is excused: chanroblesvirtuallawlibrary
(a) Where, after the exercise of reas

presentment, as required by this Act, ca
(b) Where the drawee is a fictitious pers
(c) By waiver of presentment, express o
Sec. 83. When instrument dishonored by no

instrument is dishonored by non-payment wh
(a) It is duly presented for payment

refused or cannot be obtained; or
(b) Presentment is excused and th

overdue and unpaid.
Sec. 84. Liability of person secondarily liable,

dishonored. - Subject to the provisions of t
instrument is dishonored by non-payment, a
of recourse to all parties secondarily liable t
the holder.robles virtual law library
Sec. 85. Time of maturity. - Every negotia

payable at the time fixed therein without gra
of maturity falls upon Sunday or a holiday
falling due or becoming payable on Sat
presented for payment on the next succeed
except that instruments payable on demand
of the holder, be presented for payment befo
noon on Saturday when that entire day is not

Sec. 86. Time; how computed. - When t
payable at a fixed period after date, after s
happening of a specified event, the tim
determined by excluding the day from whi
begin to run, and by including the date of pay

Sec. 87. Rule where instrument payable at b
instrument is made payable at a bank, it is
order to the bank to pay the same for th
principal debtor thereon.

Sec. 88. What constitutes payment in due co
made in due course when it is made at or aft
the payment to the holder thereof in good
notice that his title is defective.

VII. NOTICE OF DISHONOR

Sec. 89. To whom notice of dishonor must b
as herein otherwise provided, when a negot
has been dishonored by non-acceptance o
notice of dishonor must be given to the dra
indorser, and any drawer or indorser to who
not given is discharged.

Sec. 90. By whom given. - The notice may b
behalf of the holder, or by or on behalf of a
instrument who might be compelled to pay
and who, upon taking it up, would hav
reimbursement from the party to whom the

Sec. 91. Notice given by agent. - Notice of d
given by any agent either in his own name o
any party entitled to given notice, whether
principal or not.

Sec. 92. Effect of notice on behalf of holder.
given by or on behalf of the holder, it inures
all subsequent holders and all prior parties w
recourse against the party to whom i

Sec. 93. Effect where notice is given by party
- Where notice is given by or on behalf of a

give notice, it inures to the benefit of the hol
subsequent to the party to whom notice is g

Sec. 94. When agent may give notice. - Whe
has been dishonored in the hands of an age
himself give notice to the parties liable the
give notice to his principal. If he gives notic
he must do so within the same time as if he
and the principal, upon the receipt of such n
the same time for giving notice as if the ag
independent holder.

Sec. 95. When notice sufficient. - A written n
signed and an insufficient written notice may
and validated by verbal communication. A m
the instrument does not vitiate the notice un
whom the notice is given is in fact mis

Sec. 96. Form of notice. - The notice may b
merely oral and may be given in any terms w
identify the instrument, and indicate tha
dishonored by non-acceptance or non-paym
cases be given by delivering it personally or t

Sec. 97. To whom notice may be given. - No
may be given either to the party himself or to
behalf.

Sec. 98. Notice where party is dead. - When
and his death is known to the party giving n
must be given to a personal representative,
and if with reasonable diligence, he can be f
no personal representative, notice may be
residence or last place of business of th

Sec. 99. Notice to partners. - Where the part
are partners, notice to any one partner is no
even though there has been a diss

Sec. 100. Notice to persons jointly liable. -
persons who are not partners must be given
unless one of them has authority to receive s
others.

Sec. 101. Notice to bankrupt. - Where a p
adjudged a bankrupt or an insolvent, or
assignment for the benefit of creditors, not
either to the party himself or to his truste

Sec. 102. Time within which notice must be
may be given as soon as the instrument is
unless delay is excused as hereinafter provid
within the time fixed by this A

Sec. 103. Where parties reside in same pla
person giving and the person to receive not
same place, notice must be given within
times: chanroblesvirtuallawlibrary
(a) If given at the place of business

receive notice, it must be given bef
business hours on the day following.

(b) If given at his residence, it must be
usual hours of rest on the day following

(c) If sent by mail, it must be deposited
in time to reach him in usual course on t
Sec. 104. Where parties reside in different pl

person giving and the person to receive
different places, the notice must be given wi
times: chanroblesvirtuallawlibrary
(a) If sent by mail, it must be deposited

in time to go by mail the day follo
dishonor, or if there be no mail at a co
last day, by the next mail thereafter.

(b) If given otherwise than through the
within the time that notice would have
due course of mail, if it had been depo
office within the time specified in the las
Sec. 105. When sender deemed to have gi

Where notice of dishonor is duly addressed
the post office, the sender is deemed to have
notwithstanding any miscarriage in the mails

Sec. 106. Deposit in post office; what const
deemed to have been deposited in the
deposited in any branch post office or in any
the control of the post-office department.

Sec. 107. Notice to subsequent party; time o
receives notice of dishonor, he has, after th
notice, the same time for giving notice to a
that the holder has after the dishonor.

Sec. 108. Where notice must be sent. - W
added an address to his signature, notice of
sent to that address; but if he has not giv
then the notice must be sent as follows: chanroblesvirtuallawlibrary
(a) Either to the post-office nearest

residence or to the post-office where he
receive his letters; or

(b) If he lives in one place and has his
in another, notice may be sent to either

(c) If he is sojourning in another plac
sent to the place where he is so sojourn
But where the notice is actually received by

the time specified in this Act, it will be suff
sent in accordance with the requirement of th
Sec. 109. Waiver of notice. - Notice of dishon

either before the time of giving notice has a
omission to give due notice, and the waiver
or implied.

Sec. 110. Whom affected by waiver. - Wh
embodied in the instrument itself, it is
parties; but, where it is written above the
indorser, it binds him only.

Sec. 111. Waiver of protest. - A waiver of p
the case of a foreign bill of exchange or
instrument, is deemed to be a waiver not
protest but also of presentment and notice of

Sec. 112. When notice is dispensed with. - N
is dispensed with when, after the exerci
diligence, it cannot be given to or does not
sought to be charged.

Sec. 113. Delay in giving notice; how exc
giving notice of dishonor is excused when th
by circumstances beyond the control of th
imputable to his default, misconduct, or neg
cause of delay ceases to operate, notice m
reasonable diligence.

Sec. 114. When notice need not be given to d
dishonor is not required to be given to the d
the following cases: chanroblesvirtuallawlibrary
(a) Where the drawer and drawee are th

(b) When the drawee is fictitious perso
having capacity to contract;

(c) When the drawer is the perso
instrument is presented for payment;

(d) Where the drawer has no right to

that the drawee or acceptor will honor t

(e) Where the drawer has countermand
Sec. 115. When notice need not be given to i

of dishonor is not required to be given to an
of the following cases: chanroblesvirtuallawlibrary
(a) When the drawee is a fictitious per

having capacity to contract, and the in
of that fact at the time he indorsed the i

(b) Where the indorser is the perso
instrument is presented for payment;

(c) Where the instrument was made o
accommodation.
Sec. 116. Notice of non-payment where acce

Where due notice of dishonor by non-acce
given, notice of a subsequent dishonor by no
necessary unless in the meantime the inst
accepted.

Sec. 117. Effect of omission to give notice of
An omission to give notice of dishonor by non
not prejudice the rights of a holder in due c
to the omission.

Sec. 118. When protest need not be made
made. - Where any negotiable instru
dishonored, it may be protested for non-ac
payment, as the case may be; but protes
except in the case of foreign bills of excha
law library
VIII. DISCHARGE OF NEGOTIABLEINS
Sec. 119. Instrument; how discharged. -
instrument is discharged: chanroblesvirtualla
(a) By payment in due course by or

principal debtor;

(b) By payment in due course
accommodated, where the instrume
accepted for his accommodation;

(c) By the intentional cancellation there

(d) By any other act which will dis
contract for the payment of money;

(e) When the principal debtor becomes
instrument at or after maturity in his ow
Sec. 120. When persons secondarily liable o

are discharged. - A person secondarily liable
is discharged: chanroblesvirtuallawlibrary
(a) By any act which discharges the inst

(b) By the intentional cancellation of hi
holder;

(c) By the discharge of a prior party;

(d) By a valid tender or payment made b

(e) By a release of the principal d
holder's right of recourse against the
liable is expressly reserved;

(f) By any agreement binding upon the
the time of payment or to postpone the
enforce the instrument unless made w
the party secondarily liable or unle
recourse against such party is expressly
Sec. 121. Right of party who discharges ins

the instrument is paid by a party secondarily
is not discharged; but the party so paying it
former rights as regard all prior parties, and
his own and all subsequent indorseme
negotiate the instrument, except: chanroblesvirtuallawlibrary
(a) Where it is payable to the order of a

has been paid by the drawer; and

(b) Where it was made or accepted fo
and has been paid by the party accomm
Sec. 122. Renunciation by holder. - The hold

renounce his rights against any party to
before, at, or after its maturity. An absolute
renunciation of his rights against the princip
or after the maturity of the instrument
instrument. But a renunciation does not affe
holder in due course without notice. A renun
writing unless the instrument is delivered
primarily liable thereon.

Sec. 123. Cancellation; unintentional; burd
cancellation made unintentionally or und
without the authority of the holder, is inope
an instrument or any signature thereon app
cancelled, the burden of proof lies on the p
that the cancellation was made unintentio
mistake or without authority.

Sec. 124. Alteration of instrument; effec
negotiable instrument is materially altered w
of all parties liable thereon, it is avoided, ex
party who has himself made, authorized, o
alteration and subsequent indorsers.
But when an instrument has been materially
the hands of a holder in due course no
alteration, he may enforce payment thereo
original tenor.

Sec. 125. What constitutes a material a
alteration which changes: chanroblesvirtuallawlibrary
(a) The date;

(b) The sum payable, either for principa

(c) The time or place of payment: chanroblesvirtuallawlibrary

(d) The number or the relations of the p

(e) The medium or currency in which
made;

(f) Or which adds a place of payment w
payment is specified, or any other ch
which alters the effect of the instrume
is a material alteration.
BILLS OF EXCHANGE

IX. FORM AND INTERPRETATI

Sec. 126. Bill of exchange, defined. - A bill o
unconditional order in writing addressed b
another, signed by the person giving it, requ
to whom it is addressed to pay on demand
determinable future time a sum certain in m
to bearer.

Sec. 127. Bill not an assignment of funds in h
A bill of itself does not operate as an assignm
in the hands of the drawee available for the
and the drawee is not liable on the bill unle
accepts the same.

Sec. 128. Bill addressed to more than one dra
be addressed to two or more drawees joint

are partners or not; but not to two or more
alternative or in succession

Sec. 129. Inland and foreign bills of exchang
of exchange is a bill which is, or on its face
both drawn and payable within the Philippin
is a foreign bill. Unless the contrary appears
bill, the holder may treat it as an in

Sec. 130. When bill may be treated as pro
Where in a bill the drawer and drawee are th
where the drawee is a fictitious person or a p
capacity to contract, the holder may treat t
his option either as a bill of exchange or as a

Sec. 131. Referee in case of need. - The dra
any indorser may insert thereon the name
whom the holder may resort in case of need
case the bill is dishonored by non-acceptance
Such person is called a referee in case of n
option of the holder to resort to the referee
not as he may see fit.

X. ACCEPTANCE

Sec. 132. Acceptance; how made, by and
acceptance of a bill is the signification by th
assent to the order of the drawer. The accep
writing and signed by the drawee. It must no
drawee will perform his promise by any othe
payment of money.

Sec. 133. Holder entitled to acceptance on f
holder of a bill presenting the same for ac
require that the acceptance be written on th
request is refused, may treat the bill as

Sec. 134. Acceptance by separate instrume
acceptance is written on a paper other than

does not bind the acceptor except in favor
whom it is shown and who, on the faith ther
bill for value.

Sec. 135. Promise to accept; when equivalen
An unconditional promise in writing to accep
drawn is deemed an actual acceptance in
person who, upon the faith thereof, receives

Sec. 136. Time allowed drawee to accept.
allowed twenty-four hours after presentm
decide whether or not he will accept the bill;
given, dates as of the day of prese

Sec. 137. Liability of drawee returning or d
Where a drawee to whom a bill is delivered
destroys the same, or refuses within twenty
such delivery or within such other period as
allow, to return the bill accepted or non-a
holder, he will be deemed to have accept

Sec. 138. Acceptance of incomplete bill. -
accepted before it has been signed by the d
otherwise incomplete, or when it is overdu
been dishonored by a previous refusal to a
payment. But when a bill payable after sight
non-acceptance and the drawee subsequent
holder, in the absence of any different agree
to have the bill accepted as of the date
presentment.

Sec. 139. Kinds of acceptance. - An accep
general or qualified. A general acceptance
qualification to the order of the drawer. A qu
in express terms varies the effect of the

Sec. 140. What constitutes a general acc
acceptance to pay at a particular place is a ge
unless it expressly states that the bill is to b

and not elsewhere.

Sec. 141. Qualified acceptance. - An accept
which is: chanroblesvirtuallawlibrary
(a) Conditional; that is to say, which m

the acceptor dependent on the fulfillme
therein stated;

(b) Partial; that is to say, an acceptanc
of the amount for which the bill is drawn

(c) Local; that is to say, an acceptance
particular place;

(d) Qualified as to time;

(e) The acceptance of some, one or mo
but not of all.
Sec. 142. Rights of parties as to qualified a

holder may refuse to take a qualified acce
does not obtain an unqualified acceptance,
bill as dishonored by non-acceptance. W
acceptance is taken, the drawer and indorse
from liability on the bill unless they ha
impliedly authorized the holder to take a qua
or subsequently assent thereto. When th
indorser receives notice of a qualified acce
within a reasonable time, express his dissen
he will be deemed to have assented thereto.

XI. PRESENTMENT FOR ACCEPTA
Sec. 143. When presentment for acceptance

Presentment for acceptance must be
(a) Where the bill is payable after sigh

case, where presentment for acceptanc
order to fix the maturity of the instrume

(b) Where the bill expressly stipulate
presented for acceptance; or

(c) Where the bill is drawn payable else
residence or place of business of the dra
In no other case is presentment for accepta

order to render any party to the bill liable.

Sec. 144. When failure to present relea
indorser. - Except as herein otherwise provi
a bill which is required by the next preced
presented for acceptance must either presen
or negotiate it within a reasonable time. If
the drawer and all indorsers are discharged.

Sec. 145. Presentment; how made. -
acceptance must be made by or on behalf o
reasonable hour, on a business day and
overdue, to the drawee or some person aut
or refuse acceptance on his behalf; and
(a) Where a bill is addressed to two

who are not partners, presentment m
them all unless one has authority to
acceptance for all, in which case pres
made to him only;

(b) Where the drawee is dead, presentm
to his personal representative;

(c) Where the drawee has been adjudg
an insolvent or has made an assignment
creditors, presentment may be made
trustee or assignee.
Sec. 146. On what days presentment may

may be presented for acceptance on an
negotiable instruments may be presented fo
the provisions of Sections seventy-two and
Act. When Saturday is not otherwise a holi
for acceptance may be made before twelve
that day.

Sec. 147. Presentment where time is insuffic
holder of a bill drawn payable elsewhere th
business or the residence of the drawee has
exercise of reasonable diligence, to pres
acceptance before presenting it for payment
falls due, the delay caused by present
acceptance before presenting it for paymen
does not discharge the drawers and indorser

Sec. 148. Where presentment is excused. -
acceptance is excused and a bill may be trea
by non-acceptance in either of the following c
(a) Where the drawee is dead, or has a

fictitious person or a person not ha
contract by bill.

(b) Where, after the exercise of reas
presentment can not be made.

(c) Where, although presentment ha
acceptance has been refused on some o
Sec. 149. When dishonored by nonaccept

dishonored by non-acceptance: chanroblesvirtuallawlibrary
(a) When it is duly presented for accept

acceptance as is prescribed by this Act
not be obtained; or

(b) When presentment for acceptance i
bill is not accepted.
Sec. 150. Duty of holder where bill not accep

is duly presented for acceptance and is no
the prescribed time, the person presenting
bill as dishonored by nonacceptance or he
recourse against the drawer and indorsers.

Sec. 151. Rights of holder where bill not ac
bill is dishonored by nonacceptance, an im
recourse against the drawer and indorser
holder and no presentment for payment is ne

XII. PROTEST

Sec. 152. In what cases protest necessary. -
bill appearing on its face to be such is d
nonacceptance, it must be duly protested fo
by nonacceptance is dishonored and where
has not previously been dishonored by nonpa
duly protested for nonpayment. If it is not s
drawer and indorsers are discharged. Wher
appear on its face to be a foreign bill, protes
of dishonor is unnecessary.

Sec. 153. Protest; how made. - The protest m
to the bill or must contain a copy thereof, an
the hand and seal of the notary making it an
(a) The time and place of presentment;

(b) The fact that presentment was mad
thereof;

(c) The cause or reason for protesting th

(d) The demand made and the answer
the fact that the drawee or acceptor cou
Sec. 154. Protest, by whom made. - Prote

by: chanroblesvirtuallawlibrary
(a) A notary public; or

(b) By any respectable resident of the
bill is dishonored, in the presence of two
witnesses.
Sec. 155. Protest; when to be made. - When

such protest must be made on the day of it
delay is excused as herein provided. When a
noted, the protest may be subsequently ex
date of the noting.

Sec. 156. Protest; where made. - A bill mus
the place where it is dishonored, except
drawn payable at the place of business or r
person other than the drawee has bee
nonacceptance, it must be protested for no
place where it is expressed to be payable
presentment for payment to, or demand o
necessary.

Sec. 157. Protest both for non-acceptance an
A bill which has been protested for non-ac
subsequently protested for non-payment.

Sec. 158. Protest before maturity where acc
Where the acceptor has been adjudged a
insolvent or has made an assignment fo
creditors before the bill matures, the holder
to be protested for better security against
indorsers.robles virtual law library

Sec. 159. When protest dispensed with. - Pr
with by any circumstances which would dis
of dishonor. Delay in noting or protesting
delay is caused by circumstances beyond t
holder and not imputable to his default
negligence. When the cause of delay ceases t
must be noted or protested with reasonable d

Sec. 160. Protest where bill is lost and so for
lost or destroyed or is wrongly detained
entitled to hold it, protest may be made on
particulars thereof.

XIII. ACCEPTANCE FOR HONO
Sec. 161. When bill may be accepted for hono

exchange has been protested for dishonor by
or protested for better security and is not ov
not being a party already liable thereon may,
of the holder, intervene and accept the bill s
the honor of any party liable thereon or for
person for whose account the bill is drawn. T
honor may be for part only of the sum for w
drawn; and where there has been an accepta
one party, there may be a further acceptan
person for the honor of another

Sec. 162. Acceptance for honor; how made.
for honor supra protest must be in writing an
is an acceptance for honor and must be signe
for honor.chanrobles law

Sec. 163. When deemed to be an acceptance
drawer. - Where an acceptance for honor do
state for whose honor it is made, it is dee
acceptance for the honor of the d

Sec. 164. Liability of the acceptor for honor.
honor is liable to the holder and to all par
subsequent to the party for whose honor h

Sec. 165. Agreement of acceptor for honor. -
honor, by such acceptance, engages that
presentment, pay the bill according to th
acceptance provided it shall not have been p
and provided also that is shall have been du

payment and protested for non-payment
dishonor given to him.

Sec. 166. Maturity of bill payable after sigh
honor. - Where a bill payable after sight is ac
its maturity is calculated from the date of th
acceptance and not from the date of the acce

Sec. 167. Protest of bill accepted for honor
Where a dishonored bill has been accepted
protest or contains a referee in case of ne
protested for non-payment before it is prese
to the acceptor for honor or referee in c

Sec. 168. Presentment for payment to accept
made. - Presentment for payment to the ac
must be made as follows: chanroblesvirtuallaw
(a) If it is to be presented in the place

for non-payment was made, it must
later than the day following its maturity

(b) If it is to be presented in some oth
place where it was protested, then it m
within the time specified in Section
four.
Sec. 169. When delay in making presentment

provisions of Section eighty-one apply where
making presentment to the acceptor for ho
case of need.

Sec. 170. Dishonor of bill by acceptor for h
bill is dishonored by the acceptor for ho
protested for non-payment by him.

XIV. PAYMENT FOR HONOR

Sec. 171. Who may make payment for hono

has been protested for non-payment, an
intervene and pay it supra protest for the ho
liable thereon or for the honor of the per
account it was drawn.

Sec. 172. Payment for honor; how made. - T
honor supra protest, in order to operate as s
mere voluntary payment, must be attested b
honor which may be appended to the prot
extension to it.

Sec. 173. Declaration before payment for hon
act of honor must be founded on a declarat
payer for honor or by his agent in that beh
intention to pay the bill for honor and for w
pays.

Sec. 174. Preference of parties offering to
Where two or more persons offer to pay a bi
different parties, the person whose paymen
most parties to the bill is to be given the

Sec. 175. Effect on subsequent parties whe
honor. - Where a bill has been paid for ho
subsequent to the party for whose honor
discharged but the payer for honor is subr
succeeds to, both the rights and duties of
regards the party for whose honor he pays
liable to the latter.

Sec. 176. Where holder refuses to receive
protest. - Where the holder of a bill refus
payment supra protest, he loses his right of
any party who would have been discharged

Sec. 177. Rights of payer for honor. - The pa
paying to the holder the amount of the bill
expenses incidental to its dishonor, is entitle
the bill itself and the protest

XV. BILLS IN SET
Sec. 178. Bills in set constitute one bill. - Wh

in a set, each part of the set being numbered
reference to the other parts, the whole of the
one bill.

Sec. 179. Right of holders where differe
negotiated. - Where two or more parts of a s
to different holders in due course, the holde
accrues is, as between such holders, the tr
bill. But nothing in this section affects the
who, in due course, accepts or pays the part
to him.

Sec. 180. Liability of holder who indorses two
a set to different persons. - Where the holde
two or more parts to different persons he is
such part, and every indorser subsequent to
the part he has himself indorsed, as if su
separate bills.

Sec. 181. Acceptance of bill drawn in sets. -
may be written on any part and it must be w
only. If the drawee accepts more than one
accepted parts negotiated to different holde
he is liable on every such part as if it were

Sec. 182. Payment by acceptor of bills draw
the acceptor of a bill drawn in a set pays it w
the part bearing his acceptance to be deliver
the part at maturity is outstanding in the ha
due course, he is liable to the holder

Sec. 183. Effect of discharging one of a set. -
otherwise provided, where any one part of a
is discharged by payment or otherwise, th
discharged.

XVI. PROMISSORY NOTES AND CH

Sec. 184. Promissory note, defined. - A nego
note within the meaning of this Act is an
promise in writing made by one person to an
the maker, engaging to pay on demand, o
determinable future time, a sum certain in m
to bearer. Where a note is drawn to the mak
is not complete until indorsed by

Sec. 185. Check, defined. - A check is a bill o
on a bank payable on demand. Except as h
provided, the provisions of this Act applic
exchange payable on demand apply t

Sec. 186. Within what time a check must b
check must be presented for payment with
time after its issue or the drawer will be d
liability thereon to the extent of the loss cau

Sec. 187. Certification of check; effect of. - W
certified by the bank on which it is drawn, th
equivalent to an acceptance

Sec. 188. Effect where the holder of check p
certified. - Where the holder of a check pr
accepted or certified, the drawer and all
discharged from liability there

Sec. 189. When check operates as an assignm
itself does not operate as an assignment of
funds to the credit of the drawer with the ba
is not liable to the holder unless and unti
certifies the check.

XVII. GENERAL PROVISIONS

Sec. 190. Short title. - This Act shall be k

Negotiable Instruments Law

Sec. 191. Definition and meaning of terms. -
the contract otherwise requires
"Acceptance" means an acceptance

delivery or notification;

"Action" includes counterclaim and set-

"Bank" includes any person or assoc
carrying on the business of ba
incorporated or not;

"Bearer" means the person in possessio
which is payable to bearer;

"Bill" means bill of exchange, and
negotiable promissory note;

"Delivery" means transfer of posse
constructive, from one person to anothe

"Holder" means the payee or indorsee
who is in possession of it, or the bearer

"Indorsement" means an indorseme
delivery;

"Instrument" means negotiable instrum

"Issue" means the first delivery of
complete in form, to a person who takes

"Person" includes a body of p
incorporated or not;

"Value" means valuable consideration;

"Written" includes printed, and "writing
Sec. 192. Persons primarily liable on instrum

"primarily" liable on an instrument is the pe
terms of the instrument, is absolutely req
same. All other parties are "secondarily" liab

Sec. 193. Reasonable time, what constitutes
what is a "reasonable time" regard is to be
of the instrument, the usage of trade or busi
to such instruments, and the facts of the part

Sec. 194. Time, how computed; when last da
- Where the day, or the last day for doin
required or permitted to be done falls on a
holiday, the act may be done on the next s
or business day.

Sec. 195. Application of Act. - The provisions
apply to negotiable instruments made and
the taking effect hereof. chanrobles law

Sec. 196. Cases not provided for in Act.
provided for in this Act shall be governed by
existing legislation or in default thereof, by
law merchant.
Sec. 197. Repeals. - All acts and laws a

inconsistent with this Act are hereby repeale

Sec. 198. Time when Act takes effect. - Th
effect ninety days after its publication in the
the Philippine Islands shall have been comple

Enacted: February 3, 1911
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8/14/23, 9:51 PM THE NEGOTIABLE INSTRUMENTS LAW OF THE PHILIPPINES - CHAN ROBLES VIRTUAL LAW LIBRARY

Johnny Air Cargo Padala

Home Main Index Law Library Laws

Search for www.chanrobles.com

THE NEGOTIABLE INSTRUMENTS

THE NEGOTIABLE INSTRUMENTS

ChanRobles Lawnet Inc. - Section 1. Form of negotiable instruments. -

(b) Must contain an unconditional pro

(c) Must be payable on demand, o

(d) Must be payable to order or to beare

(e) Where the instrument is addressed

Sec. 2. What constitutes certainty as to

(a) with interest; or

(b) by stated installments; or

(c) by stated installments, with a pro

(d) with exchange, whether at a fixe

(e) with costs of collection or an attor

Sec. 3. When promise is unconditional. - An

(a) An indication of a particular fu

(b) A statement of the transaction whic

But an order or promise to pay out of a par

Sec. 4. Determinable future time; what

(a) At a fixed period after date or sight;

(b) On or before a fixed or determin

(c) On or at a fixed period after the

An instrument payable upon a contingency

Sec. 5. Additional provisions not affecting n

(a) authorizes the sale of collateral sec

(b) authorizes a confession of judgment

(c) waives the benefit of any law

(d) gives the holder an election to req

But nothing in this section shall validate

Sec. 6. Omissions; seal; particular money. -

(a) it is not dated; or

(b) does not specify the value given,

(c) does not specify the place where i

(d) bears a seal; or

(e) designates a particular kind of c

But nothing in this section shall alter or r

Sec. 7. When payable on demand. - An instr

(a) When it is so expressed to be payab

(b) In which no time for payment is exp

Where an instrument is issued, accepted, o

Sec. 8. When payable to order. - The instrum

(a) A payee who is not maker, drawer, o

(b) The drawer or maker; or

(c) The drawee; or

(d) Two or more payees jointly; or

(e) One or some of several payees; or

(f) The holder of an office for the time b

Where the instrument is payable to order, t

Sec. 9. When payable to bearer. - The instrum

(a) When it is expressed to be so payab

(b) When it is payable to a person n

(c) When it is payable to the order of a

(d) When the name of the payee does

(e) When the only or last indorsement

Sec. 10. Terms, when sufficient. - The inst

Sec. 11. Date, presumption as to. - Where the

Sec. 12. Ante-dated and post-dated. - The

Sec. 13. When date may be inserted. - Whe

a fixed period after sight is undated, any h

Sec. 14. Blanks; when may be filled. - Where