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1. Deli Delive very ry & Issu Issuan ance ce a. Sec 16 DELIVERY; WHEN EFFECT!L" WHEN #RES$ED.% Every cn'rac' n a ne('ia)le ins'ru*en' is incomplete and revocable un'il +elivery , '-e ins'ru*en' for the purpose of giving eect thereto i. 11 /ar /ar 6 NIL0 +elive +elivery ry , '-e '-e ins'ru*en ins'ru*en'' 'rans,e 'rans,err , /ssessin" /ssessin" ac'ual r cns'ruc'ive" ,r* ,r* ne /ersn ' an'-er ii. Wi'-u' Wi'-u' '-e '-e ini'ial ini'ial +elivery +elivery , '-e ins'ru* ins'ru*en' en' ,r* ,r* '-e *a2er *a2er ' '-e /ayee" '-ere '-ere can )e n lia)ili'y n sai+ ins'ru*en' ins'ru*en' 3 suc+elivery *us' )e in'en+e+ ' (ive e4ec' ' '-e ins'ru*en' 1. 5ivin( 5ivin( , ins'ru*en' ins'ru*en' ' an'-er an'-er ,r ,r *ere sa,e2 sa,e2ee/i ee/in( n( +elivery 7. 16 NIL W-er W-ere e '-e ins'ru ins'ru*en' *en' is n ln(er ln(er in '-e /ssessin , a /ar'y 8-se si(na'ure a//ears '-eren" a vali+ an+ in'en'inal +elivery )y -i* is /resu*e+ un'il '-e cn'rary is /rve+. W-ere '-e ins'ru*en' is in '-e -an+s , a -l+er in +ue curse" a vali+ +elivery '-ere, )y all /ar'ies /rir ' -i* s as ' *a2e '-e* lia)le ' -i* is cnclusively /resu*e+. 9. NIL NIL 11 11 /ar /ar 1:0 1:0 1s' +elivery , '-e ins'ru*en' c*/le'e in ,r* ' a /ersn 8- 'a2es i' as a -l+er issue /issuance , '-e ins'ru*en' ). In Re $ar'e $ar'ens ns Es'a' Es'a'e e i. TC +enie+ +enie+ a//ellan' a//ellan's s clai* clai* a(ains' a(ains' '-e '-e es'a'e es'a'e )ecause )ecause , '-e '-e ,ailure ' es'a)lis- '-a' '-e n'e 8as +elivere+ +urin( '-e li,e'i*e , '-e +ecease+ +ee+ 8as /re/are+ an+ e
i. ?@ear ?@earerA erA *eans '-e '-e /ersn /ersn in /sses /ssessin sin , , a )ill r n'e n'e 8-ic8-icis /aya)le ' )earer ii. ?Hl+erA ?Hl+erA *eans *eans '-e /ayee /ayee r in+rs in+rsee ee , a )ill )ill r n'e" n'e" 8- is in in /ssessin , i'" r '-e )earer '-ere,; /ayee is a -l+er '-ere,re an issuance is a ne('ia'in iii. !ssi !ssi(nee (nee cann' cann' )e )e a -l+er -l+er an+ a -l+er -l+er cann cann'' )e an assi(ne assi(nee e c. Trans,er is a )ra+er )ra+er 'er* 'er* '-an ne('ia'in. ne('ia'in. I, an ins'ru*en' ins'ru*en' is 'rans,erre+ 8i'-u' ne('ia'in" '-e 'rans,er is a *ere assi(n*en' 8-ic- cns'i'u'es '-e 'rans,eree as a *ere assi(nee" n' a -l+er"
su)Bec' ' all +e,enses e
i.e. n' nly -is 8arran'ies as '-e seller , '-e )ill r n'e" )u' als -is 8arran'y '-a' -e 8ill /ay in case , +e,aul' , '-e /ri*ary /ar'y iii. =ne 8- ne('ia'es )y *ere +elivery" al'-u(- -e assu*es '-e lia)ili'ies , a seller r 'rans,err , '-e n'e r )ill" +es n' 8arran' '-a' -e 8ill /ay in case '-e /ri*ary /ar'y ,ails ' /ay c. $ere 'rans,er , ne('ia)le ins'ru*en' i. W-en an r+er ins'ru*en' is +elivere+ )y '-e /ayee r s/ecial in+rsee 8i'-u' -is in+rse*en' r 8-ere '-e in+rse*en' is n' *a+e /r/erly as reuire+ )y '-e la8 1. T-e 'rans,er is an r+inary assi(n*en' , '-e 'rans,errs ri(-'s an+ /laces '-e assi(nee in '-e /lace , '-e assi(nr" su)Bec' ' '-e +e,enses 8-ic- *ay )e e
7. ! 8ri''en 'rans,er , a n'e" *a+e n a se/ara'e /a/er ' 8-ic- i' 8as /inne+" '-ere )ein( r* n '-e )ac2 , '-e n'e i'sel, ,r '-e 'rans,er" 8as an assi(n*en' *erely" an+ n' a c**ercial in+rse*en'. ). In case , Bin' /ayees i. #aya)le r in+rse+ ' ?! an+ @A Bin' /ayees an+ an in+rse*en' )y ei'-er ! r @ nly 8ill n'e cns'i'u'e a vali+ ne('ia'in s as ' ,ree '-e ins'ru*en' ,r* +e,enses" unless '-e ne in+rsin( is au'-rie+ )y '-e '-er. ii. #aya)le ' ?! r @A al'erna'ive /ayees an+ ei'-er ne *ay vali+ly ne('ia'e c. I, na*e *iss/elle+ i. Sec 9 IND=RSE$ENT WHERE N!$E IS $ISS#ELLED" !ND S= F=RTH.% W-ere '-e na*e , a /ayee r in+rsee is 8rn(ly +esi(na'e+ r *iss/elle+" -e *ay in+rse '-e ins'ru*en' as '-erein +escri)e+" a++in(" i, -e '-in2s '" -is /r/er si(na'ure ii. Yun( v. He*)ree . In+rse*en' *us' )e , en'ire ins'ru*en' a. Sec 97 IND=RESE$ENT $ST @E =F ENTIRE INSTR$ENT.% T-e in+rse*en' *us' )e an in+rse*en' , '-e en'ire ins'ru*en'. !n in+rse*en' 8-ic- /ur/r's ' 'rans,er ' '-e in+rsee a /ar' nly , '-e a*un' /aya)le" r 8-ic- /ur/r's ' 'rans,er '-e ins'ru*en' ' 7 r *re in+rsees severally" +es n' /era'e as a ne('ia'in , '-e ins'ru*en'. @u' 8-ere ' ins'ru*en' -as )een /ai+ in /ar'" i' *ay )e in+rse+ as ' '-e resi+ue ). #ur/se , /rvisin is ' /r'ec' )li(rs ,r* *re '-an 1 ac'in n '-e ins'ru*en' c. W-ere '-e /ayees r in+rsees are Bin'" i.e." ?#ay ' ! an+ @"A '-e ne('ia'in is vali+ +. #rvisin +es n' /r-i)i' +iscun'in( , '-e ins'ru*en' e. !n in+rse*en' 8-ic- +es n' c*/ly 8i'- sec 97 is n' necessarily a vi+ 'rans,er )ecause i' cul+ s'ill )e an assi(n*en' 8-ic- su)Bec's '-e -l+er ' all +e,enses n '-e ins'ru*en' ,. @la2e v. Wei+en i. W-en '-ere -as )een a /ur/r'e+ in+rse*en' , '-e 8-le ins'ru*en'" in se/ara'e /ar's ' 7 r *re 'rans,erees" '-e /ur/r'e+ in+rsees 'a2e le(al 'i'le ' '-eir several s-ares an+ *ay sue '(e'-er" r any ne r *re *ay sue /rvi+e+ all '-e '-er in+rsees are )ru(-' in as /ar'ies 6. Jin+s , in+rse*en's a. Sec 99 JINDS =F IND=RSE$ENTS.% !n in+rse*en' *ay )e ei'-er s/ecial r in )lan2; an+ i' *ay als )e ei'-er res'ric'ive r ualie+ r cn+i'inal. ). @asis , Classica'in i. =nly '-e si(na'ure , '-e in+rser a//ears > )lan2 in+rse*en'
ii. !++i'inal 8r+s *ay )e a++e+ 8-ic- *+i,y '-e ri(-'s , su)seuen' -l+ers r '-e lia)ili'ies , '-e in+rser c. S/ecial & )lan2 in+rse*en's K-as ' + 8i'- '-e ,u'ure *e'-+ , ne('ia'in 8-e'-er *y in+rse*en' an+ +elivery r +elivery alne i. Sec 9 S#ECI!L IND=RSE$ENT; IND=RSE$ENT IN @L!NJ.% ! s/ecial in+rse*en' s/ecies '-e /ersn ' 8-*" r ' 8-se r+er" '-e ins'ru*en' is ' )e /aya)le; an+ '-e in+rse*en' , suc- in+rsee is necessary ' '-e ,ur'-er ne('ia'in , '-e ins'ru*en'. !n in+rse*en' in )lan2 s/ecies n in+rsee" an+ an ins'ru*en' s in+rse+ is /aya)le ' )earer" an+ *ay )e ne('ia'e+ )y +elivery 1. 7 2in+s , s/ecial in+rse*en' a. ?#ay
i. Sec 9O !LIFIED IND=RSE$ENT.% ! ualie+ in+rse*en' cns'i'u'es '-e in+rser a *ere assi(nr , '-e 'i'le ' '-e ins'ru*en'. I' *ay )e *a+e )y a++in( ' '-e in+rsers si(na'ure '-e 8r+s ?8i'-u' recurseA r any 8r+s , si*ilar i*/r'. Suc- an in+rse*en' +es n' i*/air '-e ne('ia)le c-arac'er , '-e ins'ru*en'. ii. @y a++in( '-e 8r+s ?8i'-u' recurseA a)ve -is si(na'ure" '-e in+rser e 8r+s e i' -as )ec*e '-e (enerally es'a)lis-e+ rule '-a' an in+rse*en' 8ri''en n '-e )ac2 , a n'e in '-e ,r* , a (uaran'y , '-e /ay*en' '-ere," an+ si(ne+ )y '-e /ayee" /asses 'i'le ' '-e /a/er '-e sa*e as an in+rse*en' in )lan2 e. Cn+i'inal in+rse*en' -as ' + 8i'- '-e /resence r a)sence , e
,.
iii. Sec 9 C=NDITI=N!L IND=RSE$ENT% W-ere an in+rse*en' is cn+i'inal" a /ar'y reuire+ ' /ay '-e ins'ru*en' *ay +isre(ar+ '-e cn+i'in" an+ *a2e /ay*en' ' '-e in+rsee r -is 'rans,eree" 8-e'-er '-e cn+i'in -as )een ,ullle+ r n'. @u' any /ersn ' 8-* an ins'ru*en' s in+rse+ is ne('ia'e+" 8ill -l+ '-e sa*e" r '-e /rcee+s '-ere," su)Bec' ' '-e ri(-'s , '-e /ersn in+rsin( cn+i'inally K-e )ec*es a 'rus'ee Res'ric'ive in+rse*en' -as ' + 8i'- 2in+ , 'i'le 'rans,erre+ i. Sec 96 WHEN IND=RSE$ENT RESTRICTIVE.% !n in+rse*en' is res'ric'ive" 8-ic- ei'-er0 1. #r-i)i's '-e ,ur'-er ne('ia'in , '-e ins'ru*en'; r a. $ay s'ill )e 'rans,erre+ )u' i' 8ill )e a *ere assi(n*en' 7. Cns'i'u'es '-e in+rsee '-e a(en' , '-e in+rser; r a. E<. /ay ' < ,r cllec'in 9. Ves's '-e 'i'le in '-e in+rsee in 'rus' ,r r ' '-e use , s*e '-er /ersn. a. E<. /ay ' < ,r ys use
@u' '-e *ere a)sence , 8r+s i*/lyin( /8er ' ne('ia'e +es n' *a2e an in+rse*en' res'ric'ive. ii. Sec 9P EFFECT =F RESTRICTIVE IND=RSE$ENT; RI5HTS =F IND=RSEE.% ! res'ric'ive in+rse*en' cn,ers u/n '-e in+rsee '-e ri(-'0 1. T receive /ay*en' , '-e ins'ru*en'; 7. T )rin( any ac'in '-eren '-a' '-e in+rser cul+ )rin( 9. T 'rans,er -is ri(-'s as suc- in+rsee" 8-ere '-e ,r* , '-e in+rse*en' au'-ries -i* ' + s. @u' all su)seuen' in+rsees acuire nly '-e 'i'le , '-e rs' in+rsee un+er '-e res'ric'ive in+rse*en' iii. Su)seuen' in+rsees acuire nly '-e 'i'le , '-e rs' in+rsee un+er a res'ric'ive in+rse*en' iv. W-i'e v. Na'inal @an2 P. In+rse*en' ' r )y cllec'in( )an2 a. W-ere '-e -l+er +e/si's '-e c-ec2 8i'- a )an2 '-er '-an '-e +ra8ee" -e 8ul+ in e4ec' )e ne('ia'in( '-e c-ec2 ' suc- )an2" since -e 8ul+ -ave ' in+rse '-e c-ec2 )e,re '-e )an2 8ill acce/' i' ,r +e/si' ). Lenar+i v. C-ase Na'inal @an2 i. Lenar+i0 -l+er ii. @an2 , *an-a''an0 +ra8ee iii. @an2 , )ay0 cllec'in( )an2 iv. C-ase0 crres/n+en' )an2
v. W-en +es rela'ins-i/ c-an(e ,r* /rinci/al%a(en' ' cre+i'r% +e)'rQ c. See cnce/' , irre(ular in+rse*en' in rc)c case O. Ne('ia'in )y Bin' r al'erna'ive /ayees r in+rsees a. Sec 1 IND=RSE$ENT WHERE #!Y!@LE T= 7 =R $=RE #ERS=NS% W-ere an ins'ru*en' is /aya)le ' '-e r+er , 7 r *re /ayees r in+rsees 8- are n' /ar'ners" all *us' in+rse" unless '-e ne in+rsin( -as au'-ri'y ,r '-e '-ers. i. #rvisin -as ' )e in'er/re'e+ in li(-' , ur 8n la8 , /ar'ners-i/ )ecause un+er c**n la8" a /ar'ners-i/ -as n /ersnali'y se/ara'e an+ +is'inc' ,r* '-e /ar'ners c*/sin( i'" unli2e ur civil la8 , cnce/' , /ar'ners-i/ as a Buri+ical /ersn ii. I, ne , several Bin' /ayees r Bin' in+rsees in+rses -is 8n na*e an+" 8i'-u' au'-ri'y ,r* -is c%)li(ee" in+rses '-e la''ers na*e an+ +elivers '-e ins'ru*en' ' a /urc-aser" suc'ransac'in +es n' cns'i'u'e a ne('ia'in , '-e ins'ru*en'. @u' i' -as )een -el+ '-a' ne , 7 Bin' /ayees" )y in+rse*en' an+ +elivery , '-e ins'ru*en' ' -is c%/ayee" *ay 'rans,er ,ull 'i'le ' '-e la''er. . nin+rse+ ins'ru*en's a. Sec TR!NSFER WITH=T IND=RSE$ENT; EFFECT =F.% W-ere '-e -l+er , an ins'ru*en' /aya)le ' -is r+er 'rans,ers i' ,r value 8i'-u' in+rsin( i'" '-e 'rans,er ves's in '-e 'rans,eree suc- 'i'le as '-e 'rans,err -a+ '-erein" an+ '-e 'rans,eree acuires" in a++i'in" '-e ri(-' ' -ave '-e in+rse*en' , '-e 'rans,err. @u' ,r '-e /ur/se , +e'er*inin( 8-e'-er '-e 'rans,eree is a -l+er in +ue curse" '-e ne('ia'in 'a2es e4ec' as , '-e 'i*e 8-en '-e in+rse*en' is ac'ually *a+e. i. T-e 'rans,eree , an unen+rse+ ins'ru*en' *ay )ec*e a -l+er )y )'ainin( '-e in+rse*en' , -is 'rans,err. I' is nly a' '-is 'i*e '-a' '-e ins'ru*en' can )e cnsi+ere+ as -avin( )een ne('ia'e+. !s ' 8-a' 2in+ , in+rse*en' suc- 'rans,eree is en'i'le+ '" '-e *aBri'y vie8 is '-a'" unless '-ere is /r, , an a(ree*en' ' '-e cn'rary" -e -as a ri(-' ' an unualie+ an+ n' *erely a ualie+ in+rse*en' ii. 5ra'ui'us 'rans,eree , an unen+rse+ ins'ru*en' -as a ri(-' ' sue n an ins'ru*en' as a le(al 8ner '-ere, )u' +es n' -ave '-e ri(-' ' c*/el '-e in+rse*en' , -is +nr iii. W-a' is a clearin( en+rse*en'Q )i'an(a ). Si*/sn v. Firs' Na'inal @an2 , Rse)ur( c. Fur)ee v. Fur)ee i. Wrn( ' say -l+er" -e 8as a *ere 'ran +. W-is'ler v. Frs'er 1:.Cancella'in , in+rse*en's
a. Sec O STRIJIN5 =T IND=RSE$ENTS.% T-e -l+er *ay a' any 'i*e s'ri2e u' any in+rse*en' 8-ic- is n' necessary ' -is 'i'le. T-e in+rser 8-se in+rse*en' is s'ruc2 u' an+ all in+rsers su)seuen' ' -i* are '-ere)y relieve+ ,r* lia)ili'y n '-e ins'ru*en' i. Cancella'in , in+rse*en's 8ul+ )e /r/er in r+er ins'ru*en's 8-ere '-e ins'ru*en'" a,'er several ne('ia'ins" is in+rse+ )ac2 ' a /revius in+rser ii. See NIL Sec : an+ 171 11.In+rse*en' )y a(en' a. Sec IND=RSE$ENT IN RE#RESENT!TIVE C!#!CITY.% W-ere any /ersn is un+er )li(a'in ' in+rse in a re/resen'a'ive ca/aci'y" -e *ay in+rse in suc- 'er*s as ' ne(a'ive /ersnal lia)ili'y. i. NIL 10 an ins'ru*en' *ay )e in+rse+ ei'-er /ersnally r '-ru(- an a(en'. !n+ '-e au'-ri'y , '-e a(en' nee+ n' )e in 8ri'in( ii. In s si(nin(" an a(en' s-ul+ *a2e i' /lain '-a' -e is *erely si(nin( in )e-al, , '-e /rinci/al" '-er8ise -e *ay )e -el+ /ersnally lia)le 17.#resu*/'in as ' in+rse*en's a. Sec TI$E =F IND=RSE$ENT; #RES$#TI=N.% E
E
a. Sec P C=NTIN!TI=N =F NE5=TI!@LE CH!R!CTER.% !n ins'ru*en' ne('ia)le in i's ri(in cn'inues ' )e ne('ia)le un'il i' -as )een res'ric'ively in+rse+ r +isc-ar(e+ )y /ay*en' r '-er8ise. i. Sec 9P rec(nies '-e ri(-' , '-e res'ric'ive in+rsee ' ,ur'-er ne('ia'e '-e ins'ru*en' ii. Sir 'y0 /ay*en' )y /ri*ary /ar'y
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