REGULATORY FRAMEWORK AND LEGAL ISSUES IN BSA 2104; BFC AND BEC QUIZ NR. 1 KEY ANSWER 1. A note states that ownership of the property for which it was donated remains the property of the beneficiary and, in the event of non-payment, the asset may be repurchased by the beneficiary at maturity. Is this negotiable and why? Theft Yes, as this gave the owner the choice to take ownership instead of paying money. 2. State all the reasons why the following instrument is non-negotiable: “On September 8, 2020, I promise to pay Glenn Lising the sum of 10,000 pesos when he comes of age or to give him a house, whichever he chooses, provided he does not stop studying until that time. Aurelio Torres » years. The above promissory note is non-negotiable as (i) it is not payable by order or bearer, but only to a specific person, Glenn Lising; and (ii) it is not payable on the basis of an unconditional commitment, but on condition that the beneficiary has reached the legal age at that time. 3. Can a negotiable instrument continue to be valid and negotiable if it is written in Chinese? Reason. To. Yes, although written in a foreign language, because all terms that clearly express the intention to comply with the requirements of the law on negotiable instruments are sufficient. (§ 10, N.I.L.) 4.
How about a promissory note payable on demand, what is the limitation period? To. The limitation period is 10 years from the date of the device. 5. A document is payable to the holder on request if it is presented for payment five years after the date of issue. Is it payable on demand? Reason. Theft No, because a visual instrument is an instrument that does not express a payment delay.