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A HOLDER FOR VALUE is one who has given a valuable consideration for the
instrument issued or negotiated to him. A holder of a negotiable instrument
is presumed to be a holder for value until the contrary is shown.
ACCOMMODATION PARTY is one who has signed the instrument (a) as maker,
drawer, acceptor, or indorser, (b) without receiving value for the signature,
and (c) for the purpose of lending his name to some other person. In lending
his name to the accommodated party, the accommodation party is, in effect,
a SURETY for the former and is bound equally and absolutely with the
principal.
Absence of consideration between the accommodation party and the
accommodated party does not of itself constitute a valid defense against a
holder for value even though he knew of it when he became a holder.
DELIVERY OF NI:
1. Actual
2. Constructive
Delivery is an essential part of every negotiation. INDORSEMENT, as
defined by the Act, means an indorsement completed by delivery. An intent
to be bound is necessary to the creation of an obligation, and delivery of the
NI is the operative fact that evidences the intention of the maker or drawer
to become bound by it.
PLACE OF INDORSEMENT:
1. On the instrument itself
2. Upon a paper attached thereto.
ALLONGE is a piece of paper that is attached permanently to an
instrument for the purpose of accommodating or allowing additional
indorsements. The majority rule is that an allonge is allowed only when the
back portion of the instrument is already filled up with indorsements.
WAYS OF DISHONOR:
1. By non-acceptance
2. By non-payment
REAL DEFENSE are those that are available against all parties, both
immediate and remote, including holders in due course or holders through
the latter. They are called real because they attach to the res, that is, the
instrument itself regardless of the merits and demerits of the holder or the
conduct or agreement of the parties to it.
PERSONAL DEFENSE are those which grows out of the agreement or conduct
of a particular person in regard to the instrument which renders it inequitable
for him, thought holding the legal title, to enforce it against the party sought
to be made liable but which are not available against the holder in due
course or holders with all the rights of a holder in due course.
PROOF OF BEING A HOLDER. He does not have a prove that he acquired the
instrument under all the circumstances required under Section 52. However,
when it is shown that the title of any person who has negotiated the
instrument was defective as when the instrument is not payable to him or
tho bearer, then the burden of proof shifts to the holder who must show he is
a holder in due course although he is not himself a holder in due course.
***A person who acquires title from a prior holder in due course is referred to
as HOLDER THROUGH A HOLDER IN DUE COURSE.