usual transaction B. that have reasonable cause to suspect that the transaction have involvement with any proceeds of crime. C. property means- any kinds of asset , whether tangible or intangible moveable or immovable Cash, documents , or instrument in any from including electronic or digital which indicates evidential title to, or interest in such asset. MLPA 2) Punishment for violation of freezing or attachment order: Punishment for violation of freezing or to attachment order-any
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real defense run counter to the considerations of the holder in due course and pressures the negotiable principle to yield. Real defenses include infancy and mental incompetence, illegality, duress, fraud as to the essential nature of the transaction, bankruptcy, unauthorized signature, and alteration (Brown & Sukys, 2013). These are the most common Real Defenses. The requirement to pay an instrument does not exist if there is a real defense. Infancy and mental incompetence also known as Incapacity
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ACC/543 Sample Questions for Midterm and Final Examinations The sample exam below is a representation of the Midterm and Final Examinations your students will take in Weeks Three and Six of this course. As in the sample exam below, the Midterm and Final Examinations will include questions that assess the course objectives. Although the sample exam contains one question per objective, the Midterm and Final Examinations will contain three questions per course objective. Refer to the questions in
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NEGOTIABLE INSTRUMENTS LAW (Act No. 2031) PRELIMINARIES Definitions/Distinctions: Negotiable Instrument- A written contract for the payment of money which is intended as a substitute for money and passes from one person to another as money, in such a manner as to give a holder in due course the right to hold the instrument free from defenses available to prior parties. (Sundiang, Reviewer on Commercial Law, p. 80, Third Edition 2006) Promissory Note- An unconditional promise in writing made
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Impostor Rule/Fictitious Payee The Impostor Rule is a rule stating that if an impostor endorses a negotiable instrument and receives payment in “good faith”, the drawer of the instrument is responsible for the loss. An example would be if an individual impersonates a person for whom a check has been cut or misrepresents himself as that person's agent. If the impostor receives the check, endorses it, and cashes it at the drawer's bank, the drawer is responsible for the loss, because the bank accepted
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Republic of the Philippines SUPREME COURT Manila SECOND DIVISION G.R. No. 80599 September 15, 1989 ERNESTINA CRISOLOGO-JOSE, petitioner, vs. COURT OF APPEALS and RICARDO S. SANTOS, JR. in his own behalf and as Vice-President for Sales of Mover Enterprises, Inc., respondents. Melquiades P. de Leon for petitioner. Rogelio A. Ajes for private respondent. REGALADO, J.: Petitioner seeks the annulment of the decision 1 of respondent Court of Appeals, promulgated on September 8, 1987, which
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returned unpaid the demand instruments sued on here. In such a circumstance, the only avenue of escape from the Code's automatic visitation of accountability upon the bank was for it to establish that the instruments were documentary drafts, which are excepted from the deadline. A trial before the lower court, sitting without a jury, resulted in a determination that the instruments were not documentary drafts and a judgment in favor of payees for the face amount of the instruments together with interest
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INVOLVE IN THE CONTRACT OF CROSSING CHEQUE. SUPPORT YOUR ANSWER WITH PROVISON OF LAW. Based on Section 73 Bills of Exchange of Act 1949, cheque can be defined as a bill of exchange drawn on a banker payable on demand. It is also an important negotiable instrument which can be transferred by mere hand delivery. By applying cheque, the process was actually much safer and more convenient for payment. To protect and safeguard the cheque from any harmful, check can be protected with crossing the cheque
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makes it a bearer instrument. This makes it payable to anyone possessing the instrument and it is negotiable by transfer alone; the only requirement is delivery. However, when a check is made out to a particular person, it is an order instrument which allows only the intended party to be able to cash it. A key deciding factor in this case depends on whether Herrera changed the efficacy of the instrument through the addition of his name. The textbook states that an instrument cannot be both bearer
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RIGHTS OF AN UNPAID SELLER The seller of the goods is deemed to be an “unpaid-seller” where :- a) The whole of the price has not been paid or tendered or b) When a bill of exchange or any other negotiable instrument has been given as conditional payment but the same has been dishonored. An unpaid vendor has the right of withholding the delivery of goods when the property in goods has not passed to the buyer. Rights of an unpaid seller against the goods: He has the rights when the
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