Beruflich Dokumente
Kultur Dokumente
instrument
mechanically
(1) Undelivered
Every contract on negotiable instrument
even if it is completely written is
incomplete and revocable until its
delivery for the purpose of giving it
effect.
(a) Delivery transfer of possession,
actual or constructive, from one
person to another.
(b) Issue first delivery of the
instrument, complete in form, to a
person who takes it as holder
(c) Holder the payee or indorsee of a
bill or note who is in possession of it,
or the bearer thereof.
(2) Delivered
The delivery of the instrument is the final
act essential to its consummation as an
obligation.
*Delivery may be made either by the
maker or drawer himself or through a
duly authorized agent.
(3) In possession of party other than a
holder in due course
Prima facie presumption of
delivery but subject to rebuttal
Undelivered
instrument
b) We promise to pay
joint liability
(Each debt considered SEPARATE
from each other)