Question
1.R drew a check for Php 80,000.00 payable to the order of P against S Bank, drawee bank. P. indorsed the check to A who
1.R drew a check for Php 80,000.00 payable to the order of P against S Bank, drawee bank. P. indorsed the check to A who did not present the check for payment within 6 months. S bank became bankrupt and R was able to recoveronly Php 500,000.00 out of his deposit of Php 2m from PDIC?
1.1How much is the liability of R to A, if any?Why
1.2How much is the liabilty of P, as indorser, to A, if any? Why?
2.Which of the following is not a document of title?Why?
2.1 Pawn shop ticket
2.2Bill of Lading
2.3Dock warrant
2.4Warehouse receipt
3.Which of the following is not a characteristic of a warehouse receipt?
3.1Only a warehouseman may issue a warehouse receipt.
3.2A negotiable warehouse receipt is a negotiable instrument within the meaning of the negotiable instruments law.
3.3A warehouseman has a lien over the goods deposited with his as security for the payment of for the payment of the charges and other expenses.
3.4A holder in good faith of a negotiable warehouse receipt has a superior right to the goods than the vendor who has a vendor's lien on the goods.
4.X deposited goods in the warehouse of W, a warehouseman.Thereafter, X negotiated the negotiable warehouse receipt to P.When P wanted to recover the goods,W refused to deliver the goods to P.It turned out that the goods had been damaged and rendered unfit for its purpose while in the custody of W.
4.1Is X liable to Mr. P?Why?
4.2Is W liable to Mr. P?Why?
5.A is the owner of certain goods deposited at the warehouse of W.X stole the negotiable warehouse receipt, forged A's signature as the indorser thereof , and negotiated it to B, a purchaser in good faith for value.Despite the absence of the the warehouse receipt W delivered the goods to A,the rightful owner.Is W liable to B?
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