Question
1.) A note provides that title to the property for which it was given shall remain in the payee and for non-payment at maturity, the
1.) A note provides that title to the property for which it was given shall remain in the payee and for non-payment at maturity, the property may be repossessed by the payee. Is it negotiable and why?
2.) Give all the reasons you know why the following instrument is not negotiable:
"September 8, 2020
I promise to pay Glenn Lising, upon reaching the age of
Majority the sum of P10,000.00 or give him a house, whichever
He chooses, provided he does not stop studying up to that time.
Aurelio Torres"
3.) May an instrument, otherwise negotiable be still valid and negotiable, if written in Chinese language? Reason.
4.) How about a promissory note which is payable on demand, what is the prescriptive period?
5.) An instrument is payable to bearer on demand, if presented for payment after five years from the date of issue. Is it payable on demand? Reason.
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