Interpretation of Instrument Flashcards
What if there is discrepancy between the sum payable expressed in words and in figures? (Art. 17 [a])
Where the sum payable is expressed in word and also in figures and there is discrepancy between the two, the sum denoted by the words is the sum payable; but if the words are ambiguous or uncertain, reference may be had to the figures to fix the amount;
What if the instrument provides for payment of interest without a date from which it will run? (Sec. 17 [b])
Where the instrument provides for the payment of interest, without specifying the date from which interest is to run, there interest runs from the date of the instrument, and if the instrument is undated, fm the issue thereof;
What if the instrument is undated? (sec. 17[c])
Where the instrument is not dated, it will be considered to be dated as of the time it was issued;
What if there is conflict between the written and printed provision of the instrument? (sec. 17[d])
Where there is a conflict between the written and printed provision of the instrument, the written provision shall prevail
What if it can’t be determined whether the instrument is a bill or note? (sec.17[e])
Where the instrument is so ambiguous that there is doubt whether it is a bill or note, the holder may treat it as either at his election.
What if it is not state as to what capacity the instrument was signed? (sec.17 [f])
Where a signature is so placed upon the instrument that it is not clear in what capacity the person making the same intended to sign, he is to be deemed an indorser
What if there is two signatures?
Where an instrument containing the word “I promise to pay” is signed by two or more persons, they are deemed to be jointly and severally liable thereon.
