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Bearer Instrument:

Dr-------P-------A-------B-------C

(X)

Z

In a bearer instrument, As signature was forged by X, at the back of the

check, you see the indorsements of P, A and B, but the check is actually

paid to the ORDER OF CASH, so bearer siya, paid to a name that does not

purport to be a name of a person, so that is already a bearer instrument.

But even if its a bearer instrument, at the back you can see the

indorsements of P, A and B. Z, upon seeing the check, nakabayad siya, andthen naka discover siya nga there was forgery. But of course pag bayad

niya na deduct-kan na ang account sa drawer. Should Z re-credit the

account of the drawer? Should the money be added back to the drawers

account? Can Z re-credit the account of the drawer, bearer instrument?

Can he be compelled to re-credit? The answer is no this time, because the

indorsers signature is not necessary. Even if its forged, its not necessary.

So, si drawercannot ask Z to reimburse him. So sakto ra nga nibayad siya.

Because this time, the indorsement is not necessary. Now what if Z did not

accept the check, wala siya nibayad. Can C go after the drawer? The

answer is yes, because if the acceptor does not accept the check or the bill

of exchange, then its as if its a promissory note, mawagtang ang iyang

pag ka bill of exchange. So the rule in a promissory note will have to come

in. So C can collect from the drawer. If the drawer does not pay, C can

collect from P and B only. So nibalik tasa rule sa promissory note. So it

was the drawees signature that was forged, na forge ang signature ni

drawee, this time, dili na ni siya check, it will not be an ordinary bill of

exchange, because in an ordinary bill of exchange, mu-agi pa ug

acceptance, but of course, the acceptors signature was forged, so dili gyud

siya mu bayad kay forged man iyang signature, so what rule will you follownow, theres no rule? So we go back to the rule on promissory note.