NEGOTIABLE INSTRUMENT 1. A check for Fifty Thousand Pesos (P 50,000) was drawn against drawee bank and made payable to XYZ or order. The check was deposited with payee's account at ABC Bank which then sent the for clearing to the drawee bank. The drawee bank refused to honor the check on the back ground that the serial number thereof had been altered. Is the refusal of the bank justified? Explain. 2. A promissory note reads" I promise to pay bearer or H the sum of P20, 000.00. (Sgd) C". Is the note negotiable? Explain. 3. X draws a check against his current account with ABC bank in favor of B. Although X does not have sufficient funds; the bank honors the check when presented for payment. Apparently, X has conspired with the bank's bookkeeper so that his ledger card would show that he has sufficient funds. Can X enforce the check? Explain. 4. Based on the article "Electronic negotiable instrument: Does it exist?" (Appendix 1), identify one (1) major advantage and one (1) major disadvantage on the use of electronic negotiable instruments. Explain