REAL DEFENSES: Number or the relations of parties acceptor or endorser.

Presumption of valid
22. Minority
Endorsement or assignment by a corporation
or infant, the property passes and said corp or
infant may incur no liability.
15. Non delivery of incomplete instrument
When incomplete instru delivered and
completed without authority – not valid for
holder and as against person whose signature
was placed.
23. Forgery or want of Authority
- wholly inoperative. Unless party is precluded
from setting up the defense of forgery.
124. and 125. Material Alteration
Without assent of all parties liable – avoided,
except against party who made, authorized or
assented to alteration.
If it gets in the hand of a HDC – he may enforce
payment according to original tenor
WHAT CONSTI MAT. AL.?
Any alteration which changes:
Medium or currency in which payment is to be
made
Which adds place of payment where no place
is specified, or other change/addition which
alters effect of instru in any respect
PERSONAL DEFENSES
12. Ante dating
Does not invalidate instru, except if done for
illegal/fraudulent purpose. Person to whom
delivered acquires title as of date of delivery.
13. Insertion of wrong date
As between immediate and prior parties – this
becomes a personal defense.
HDC may has the right to regard the wrongfully
inserted date as true date.
14. Filling up blanks beyond authority
Person in possession has prema facie authority
to complete. If any instrument, after
completion is negotiated to an HDC – valid and
effectual for all purposes in his hands.
deliveries by all parties prior to the one
holding in due course. Valid and intentional
delivery by a party whose signature appears
thereon.
-
28. Absence or failure of consideration
Matter of defense as against any person not an
HDC. Partial failure is a defense pro tanto.
55. 56. And 57. Simple fraud, duress,
intimidation, force or fear, illegality of
consideration, breach of faith
Title is defective when person obtained by
fraud, duress, force or fear, or other unlawful
means.
Person to whom it is negotiated must have
actual knowledge of the infirmity or defect, for
it to constitute notice of defect.
HDC hold instrument free from defect and free
from defenses of prior parties. And may
enforce payment for the full amount thereof.

Date
16. Want of delivery of incomplete instrument
Sum payable, either for principal or interest
Nego inst. Is incomplete and ineffectual until
Time of place of payment
delivery. Delivery must be made either by or
under the authority of the maker, drawer,