Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗
Promissory note defined.
SEC. 184. Promissory note defined.— A negotiable promissory note within the meaning of this Act is an unconditional premise in writing made by one person to another, signed by the maker, engaging to pay on demand, or at a fixed or determinable future time, a sum certain in money to order or to bearer. Where a note is drawn to the maker's own order, it is not complete until indorsed by him.
Chech defined.
SEC. 185. Chech defined.— A check is a bill of exchange drawn on a bank payable on demand. Except as herein otherwise provided, the provisions of this Act applicable to a bill of exchange payable on demand apply to a check.
Within what time a check must be presented.
SEC. 186. Within what time a check must be presented.— A check must be presented for payment within a reasonable time after its issue or the drawer will be discharged from liability thereon to the extent of the loss caused by the delay.
Certification of check; effect of.
SEC. 187. Certification of check; effect of.— Where a check is certified by the bank on which it is drawn, the certification is equivalent to an acceptance.
Effect where the holder of check procures it to be certified.
SEC. 188. Effect where the holder of check procures it to be certified.— Where the holder of a check procures it to be accepted or certified, the drawer and all indorsers are discharged from liability thereon.
When check operates as an assignment.
SEC. 189. When check operates as an assignment.— A check of itself does not operate as an assignment of any part of the funds to the credit of the drawer with the bank, and the bank is not liable to the holder, unless and until it accepts or certifies the check.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).