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The document summarizes key aspects of The Negotiable Instruments Act No. 2031, which was enacted on February 3, 1911 in the Philippines and took effect on June 2, 1911. The Act established negotiability as a principal characteristic, allowing negotiable instruments to be passed from one holder to another like money. It also accumulated secondary contracts to increase a holder's chances of collecting payment. The functions of negotiable instruments under the Act included serving as a substitute for money, increasing the purchasing medium in circulation, having a definite value that could be taken at sight without investigating underlying facts, and functioning as equivalent to money when genuine.
The document summarizes key aspects of The Negotiable Instruments Act No. 2031, which was enacted on February 3, 1911 in the Philippines and took effect on June 2, 1911. The Act established negotiability as a principal characteristic, allowing negotiable instruments to be passed from one holder to another like money. It also accumulated secondary contracts to increase a holder's chances of collecting payment. The functions of negotiable instruments under the Act included serving as a substitute for money, increasing the purchasing medium in circulation, having a definite value that could be taken at sight without investigating underlying facts, and functioning as equivalent to money when genuine.
The document summarizes key aspects of The Negotiable Instruments Act No. 2031, which was enacted on February 3, 1911 in the Philippines and took effect on June 2, 1911. The Act established negotiability as a principal characteristic, allowing negotiable instruments to be passed from one holder to another like money. It also accumulated secondary contracts to increase a holder's chances of collecting payment. The functions of negotiable instruments under the Act included serving as a substitute for money, increasing the purchasing medium in circulation, having a definite value that could be taken at sight without investigating underlying facts, and functioning as equivalent to money when genuine.
February 3, 1911 enacted/legislated March 4, 1911 published in the Official Gazette June 2, 1911 after 90 days: the law took effect PRINCIPAL CHARACTERISTICS Negotiability allows it to go or be passed from one hand to another similar to money Accumulation of Secondary contracts increasing the chances of the holder to collect the amount payable on the instrument
FUNCTIONS & IMPORTANCE
1 Substitute for money 2 Increases the purchasing medium in circulation 3 Intended like money to have a definite value to be taken at sight w/o the need if investigating into the outside facts 4 When genuine, it ought to serve as the equivalent of money