Practice question
Does possession of a signed promissory note necessarily prove that its principal is already demandable?
- Yes; every note is due the moment a complaint is desired.
- Yes; a creditor can ignore a binding extension at will.
- No; maturity and any effective modifying terms must be examined.
- Yes; future maturity clauses are always meaningless.
- Yes; demand automatically erases every agreed period.
Legal references
- Swagman Hotels and Travel, Inc. v. Court of Appeals, G.R. No. 161135, April 8, 2005, main decision, existing breach and cause at commencement: https://lawphil.net/judjuris/juri2005/apr2005/gr_161135_2005.html
- 2019 Amendments to Civil Procedure, Rules 2-4 and relevant Rule 10 Section 3, current operative provisions: https://lawphil.net/courts/rules/am_19-10-20-sc_2019.html
Answer this question in flashcards to review your response and continue practicing.