15 i where it cannot be determined in what capacity a

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15. I. Where it cannot be determined in what capacity a person signed a promissory note, he is deemed a maker. II. If a note for P10, 000 payable to the order of B is endorsed by B is endorsed by B in favour of C or D, such endorsement is valid. a. True, True b. False, False c. True, False d. False, True
16. This check has drawn on its face two transversal parallel lines the effect of which is that the check cannot be encashed but only be deposited.
17. Who among the following is the holder of a negotiable instrument originally payable to order?
18. If the drawer and the drawee are the same person, the holder may present the instrument for payment without need of a previous presentment for acceptance. In such a case, the holder treats it as
b. Promissory note c. Letter of credit d. Check 19. Under the NIL, if the holder has a lien on the instrument which arises either from a contract or by implication of law, he would be a holder for value to the extent of a. His successor’s interest b. His predecessor’s interest c. The lien in his favour d. The amount indicated on the instrument’s face
20. In a signature by procuration, the principal is bound only in case the agent acted within the actual limits of his authority. The signature of the agent in such a case operates as notice that he has

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