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Nego – 3 July Relevant Cases:

Mercado v. Espiritu
Rosario de Braganza v. Fernando de Villa Abrille
I. Requisites of Negotiability
a. It must be in writing and signed by the maker or drawer; RCBC Savings Bank v. Noel Odrada
b. Must contain an unconditional promise or order to pay a sum certain in money;
c. Must be payable on demand, or at a fixed or determinable future time; DEFENSES – Real and Personal
d. Must be payable to order or to bearer; and
e. Where the instrument is addressed to a drawee, he must be named or otherwise CHECKS
indicated therein with reasonable certainty.
1. Kinds of Checks
II. Doctrine of Substantial Compliance 2. Effect of Crossing a Check

When Negotiability is not affected Relevant Cases:

Go v. Metrobank
III. Construction where instrument is ambiguous
BPI v. Roxas
IV. Latest rule on rate of interest (Circular No. 799, effective July 1,
2013) State Investment House v. CA

Relevant Cases: Bataan Cigar & Cigarette Factory v. CA

De Ocampo & Co. v. Gatchalian
PNB v. Rodriguez
RCBC v. Hi-Tri Development Corp.
Rustia v. Rivera
PNB v. Sps. Chea Chee Chong
Trader’s Royal Bank v. CA
Metropolitan Bank and Trust Company v. Wilfred N. Chiok
Republic Planters v. CA
Bank of Philippine Islands v. Wilfred N. Chiok
Sesbreño v. CA
Global Business Bank, Inc. v. Chiok
UPSI Property Holdings, Inc. v. Diesel Construction Co., Inc.
Ting Ting Pua v. Spouses Benito Lo Bun Tiong and Caroline Siok Ching
Rivera v. Spouses Chua Teng


1. Holder for value I. Sec. 14 – Incomplete but Delivered

2. Holder for value up to the extent of his lien Patrimonio v. Gutierrez
3. Holder in due course
4. Holder in due course by subrogation; Shelter Principle II. Sec. 15 – Incomplete but Undelivered

III. Sec. 16 – Complete but Undelivered