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BULACAN STATE UNIVERSITY

1st Semester, S.Y. 2018-2019


COLLEGE OF CRIMINAL JUSTICE EDUCATION
MALOLOS, BULACAN

NEGOTIABLE INSTRUMENTS
Atty. Michael Arthur Santiago

MIDTERM EXAMS

INSTRUCTIONS

1. This Questionnaire contains three pages. Check and make sure that your
Questionnaire has the correct number of pages. You may write on your
Questionnaire as you answer the questions.

Read each question very carefully and write your answers in your
Examination Notebook in the same order of the questions. Answer the essay
questions legibly, clearly, and concisely. Write your answers only on the front of
every page of your Notebook. If the front pages are not sufficient, continue at the
back of the first page and so on. An answer to a sub-question under the same
number may be written continuously on the same page and on the immediately
succeeding pages until the answer is complete. Follow the numbering sequence
of the Questionnaire in your answers.

2. Your answers should demonstrate your ability to analyze the facts, apply the
pertinent laws and jurisprudence, and arrive at sound and logical conclusions.
Answers must fully explain even if the questions do not expressly require
explanations. A "Yes" or "No" answer sans explanation or discussion will not be
given full credit.

3. Write your name and corresponding pages in all the pages of your yellow
paper. After your examinations, staple your yellow paper chronologically then
submit them to your proctor. Pages not stapled or not in order will not be
considered for purposes of checking your examination.

4. Write your name at the last page of your Notebook.

5. DO NOT WRITE ANYTHING ON THE TEST PAPER.

Good luck!

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I.

Dina Leligo issued and signed a promissory note containing the words “I
promise to pay Pedro Dela Cruz or bearer, P150,000.00 with interest on
December 15, 2017.” This note was issued on September 10, 2017. Pedro then
delivered the note to Girlie Dela Amzona on December 10, 2017. On December
15, 2017, Girlie went to Dina and presented the note for payment. Dina refused
and argued that she is only obliged to pay Pedro because the instrument was
not negotiable in the first place on the ground that the amount payable was not
certain.

(a) What are the requisites for a promissory note to be negotiable? (5%)

(b) Is the amount to be paid certain in this case? (5%)

II.

Facundo May-as issued and signed a bill of exchange worded as follows:

P120,000 January 15, 2018

Pay to Pedro Dela Cruz the amount of P120,000 with 100% interest per
week on February 15, 2017.

To: Rando M. Dude

(Sgd.) Facundo May-as

At the back, Pedro indorsed the instrument in blank and delivered the bill
to Girlie Dela Amazona. Girlie then delivered the bill to Dina Bergen. Dina went
to Rando and presented the bill for acceptance and payment.

(a) Where an instrument is addressed to a drawee, Sec. 1 of the Negotiable


Instruments Law has an additional requisite for negotiability. What is that
requisite? (3%)

(b) Rando argued that the note should be indorsed by Facundo to Girlie
then indorsed by Girlie to Dina for a valid negotiation, and not just negotiated
by mere delivery. Is Rando correct? (3%)

(c) Is the bill issued by Facundo negotiable? (6%)

(d) Distinguish between an instrument payable to bearer and an


instrument payable to order. (3%)

III.

A promissory note was issued and signed be Dina Capanti containing the
words “I promise to pay Pedro Dela Cruz or bearer _____________ on demand.
Sgd.(Dina)” This note was issued on October 8, 2018. Pedro left the promissory
note on his desk that afternoon as he is busy with his meetings. Gina Coleman,
his secretary, saw the promissory note, took it for herself, filled up the amount
for P500,000.00, then delivered the same to Jack Coleman for the sum of
P300,000.00. Jack had knowledge that Gina simply took the promissory note
without the consent of Pedro.

(a) Can Jack encash the promissory note from Dina? Why or why not? (5%)

(b) Can Dina refuse to pay for the promissory note knowing that Pedro lost
the note? Why or why not? (5%)

I What is the meaning of a material particular and what is the rule when
a material particular is missing in the face of the instrument? (5%)
(d) Is the instrument negotiable? (10%)

(e) Can Dina raise the defense of forgery in this case? Why or why not?
(5%)

IV.

How does an order or promise to pay out of a particular fund affect the
negotiability of an instrument? (10%)

V.

Dina Leligo issued and signed a promissory note containing the words “I
promise to pay Pedro Dela Cruz or bearer, P150,000 or deliver 10 sachets of
shabu on December 15, 2018, at the option of the holder.”

(a) Is the note negotiable? (8%)

(b) Is the presence of a condition in lieu of payment ALWAYS make the


instrument not negotiable? Why or why not? (7%)

VI.

(a) What are the requisites of negotiability? (4%)

(b) What are the requisites in order for stated installments be considered
to be sum certain? (4%)

(c) What are the requisites for the agent to be able to evade liability in a
negotiable instrument? (4%)

(d) Who is a holder for value? What is the rule when there is want or lack
of consideration in a negotiable instrument? (4%)

(e) Who are immediate parties and remote parties? What is necessary for
immediate parties and remote parties in order for delivery to be
effectual? (4%)

BONUS (10%)

Write the best joke in your arsenal. Your bonus points would
depend on how hard your joke would make Atty. Santiago laugh.

There is no failure, there is only delayed success….

-W. Riano

Huwag magalala, kung hindi man ngayon, may next sem pa, or the sem after
that, or the sem after that……

-M. A. Santiago

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