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Historical Background of our Negotiable Instrument Law
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Historical Background of our Negotiable Instrument Law
Reference
THE NEGOTIABLE INSTRUMENTS LAW
English Bill Exchange Act of 1882
US Uniform Negotiable Instruments Act
A codification of the laws in English governing bills of exchange, promissory notes, and checks. Most state legislature adopted the act as the main law for regulating commercial paper.
This was enacted on February 3, 1911, took effect 90 days after its publication on March 4, 1911 therefore took effect on June 2, 1911. The evident purpose is to facilitate transactions in commercial paper and to promote free flow of credit.
- De Leon; De Leon, Jr.,
- The Philippibe Negotiable Instruments Law (and Allied Laws) annotated,
- 2004 Aquino;
- Notes and Cases on Banking Law and Negotiable Instruments Law
Our negotiable instrument law is patterned with very slight modifications after the Uniform Negotiable Instruments Act of the United States in 1896 drafted by the National Conference of Commissioners on Uniform State Laws.
1896
1952
1882
1911
1895
Code of Commerce
US Uniform Commercial Code
National Conference
- It seeks to simplify and modernize the law of commercial transactions.
- The Uniform Negotiable Instrument Act has been replaced in part by Article 3 and in part by other articles of the UCC.
The National Conference of commissioners on Uniform State Law was appointed in 1895 to revise and codify the law merchant in the United States as there was much confusion and lack of uniformity then in the court decisions on the subject resulting from the variety of statutes pertaining to commercial paper enacted by various legislature.
- Prior to the passage of Act No. 2031, the law in force could be found in Book II Code of Commerce, from Articles 443-556. Al these articles, with the exception of those on crossed checks, have been repealed.
- Decisions of the courts in the Unites States and England based on the American Uniform Negotiable Instruments Law and Bills of Exchange Act of 1882 can be applied in this jurisdiction (Aquino, 2014; Chan Wan v. Tan Kim)