3 purposes of the Negotiable Instruments Law
FIRST PURPOSE. Act No. 2031 or the Negotiable Instruments Law (NIL) applies only to negotiable instruments or to those instruments which meet the requirements laid down in Section 1 of the law. [1] An instrument to be negotiable must conform to the following requirements: (a) It must be in writing and signed by the maker or drawer; (b) Must contain an unconditional promise or order to pay a sum certain in money; (c) Must be payable on demand, or at a fixed or determinable future time; (d) Must be payable to order or to bearer; and (e) Where the instrument is addressed to a drawee, he must be named or otherwise indicated therein with reasonable certainty. ("Form of negotiable instruments." Section 1 of the NIL) It is designed to describe fully the law of negotiable instruments. It covers the entire subject of negotiable instruments and must be , treated as a complete body of law upon the subject and controlling in all cases to which it is applicable. It is decisive as to