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Manila

NEGOTIABLE INSTRUMENTS LAW

FINAL EXAMINATION

INSTRUCTIONS: ANSWER USING BRIEF AND CONCISE LANGUAGE.


A SIMPLE ENUMERATION WILL NOT BE GIVEN FULL CREDIT. GOOD
LUCK!
(TOTAL: 50 POINTS)
A. Angelika De Leon lives in Malabon. Tired of the constant flooding,
she asked her friend, Edward Gallardo, to look for a house in Quezon
City, which she could buy then transfer residence. The next day,
Edward informed Angelika that there was a house for sale at Php 2
million pesos but the seller of the house, a certain Sheila Adlawan
wants to be sure of Angelikas intent to buy the house. In order to
reserve the house for her, Angelika issued a crossed check from her
BPI checking account in the amount of Php200,000 pesos payable to
Sheila Adlawan with the condition that the said check would be
returned to Angelika once the actual sale is made and the payment
of Php 2 million pesos is given to the seller. So, Angelika gave the
check to Edward.
After a month, Angelika was worried why Edward has not contacted
her about the house. So she checked her BPI account and
discovered that her account was debited Php200,000 pesos. The
said amount was transferred to the account of a certain Balasta
Motors. Upon verification, it was the check that she issued to
Edward that caused the money transfer from her account to Balasta
Motors.
Angelika then filed a case for collection of sum of money against
BPI, Balasta Motors and Edward. Upon investigation by authorities, it
appears that two (2) days after Angelika gave the check to Edward,
he used the check to buy a second hand car from Balasta Motors, a
car dealer. The said car dealer, through its manager, Jerico Estrella,
then deposited the check with BPI in order to transfer the amount
indicated from the account of Angelika to the account of the car
dealer with the same bank.
1) What is a crossed check? What are its effects? (2 pts)

Answer: the check may not be encashed but only deposited in bank; the check
may be negotiable only once- to one who has an account with the back, there
could be a lot of effect to the person holding a crosscheck, the person might not
be able to encash the check at the right time it is needed which may lead to a
different problems
2) Who is a holder in due course according to Section 52 of the NIL?
What are the requisites of such? (4 pts)
3) As to said check mentioned in the problem, who is the drawer?
Who is/are the indorser/indorsers? Who is the drawee? (4 pts)

NEGOTIABLE INSTRUMENTS LAW


Prepared by: ATTY. JOSH VILLENA

30 AUGUST 2014

Manila
NEGOTIABLE INSTRUMENTS LAW

FINAL EXAMINATION

4) Is Balasta Motors a holder in due course? Why or why not?


Explain using the requisites in Section 52 of the NIL. (10 pts)
5) One of Angelikas claims is that BPI should be held liable for
allowing the transfer of funds, because BPI should have been
more cautious considering that the check was a crossed check, is
Angelika correct in her action against BPI? (10 pts)

B. Gerlie Santos is an account executive for Royale-Rex Enterprises, a


direct-selling company in Taguig. Her secretary, Yuri Gallo, handles
all of Gerlies financial transactions because of Gerlies old age. Yuri
also holds the credit cards, passport, and checkbook of Gerlie
containing blank checks in order to make it easier for Yuri to
indicate amounts for payment to the suppliers of the convenience
store. So, when supplies are purchased, Yuri takes a blank check
from the checkbook, inputs the amount to be purchased, gives it to
Gerlie for signature, then pays the supplier. After 5 years of service
to Gerlie, Yuri resigned and went abroad. After such time, Gerlies
bank, Jusay Bank, sent Gerlie a statement of her account signed by
the bank manager, Leah Fallurin. It showed that 23 checks were
issued in favour of Yuri and were paid to her by Jusay Bank.
So, Gerlie filed a case for collection of sum of money against Jusay
Bank and Yuri; however, Yuri was nowhere to be found. So, the case
proceeded against Jusay Bank. Upon investigation, it appears that
Yuri issued the checks payable to her and the signatures of Gerlie
on the checks were forged. Jusay Bank verified the signatures with
their specimen signatures and approved the checks to be encashed
to Yuri thinking these were authorized by Gerlie. Yuri was able to
encash a total amount of Php100,000 pesos.
1) What is a blank check? What is the effect of a forged signature

on the check? What becomes inoperative under Section 23 of the


NIL? (5 pts)

2) Gerlie argues that the bank is liable because they should have

checked whether the signatures were authentic or not. But Jusay


Bank argues that Gerlie was negligent. Is the bank correct? Is
Gerlie correct? (15 pts)
* BONUS:
WHAT IS YOUR PROFESSORS FULL NAME? (SHOULD BE IN THE PROPER ORDER) (5 PTS)

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NEGOTIABLE INSTRUMENTS LAW


Prepared by: ATTY. JOSH VILLENA

30 AUGUST 2014

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