Commercial Law, 2018 Bar — Question II-a

ESSAY

Yolanda executed and signed a promissory note with all the requisites for negotiability being present, except for the amount which was left blank. She kept the promissory note in her desk and decided to place the amount at a later date. The indicated payee, Yohann, managed to obtain the promissory note from Yolanda's desk and filled out the amount for the sum of PhP10 million, which was the amount actually lent by him to Yolanda, but excluding the agreed interest. Yohann later endorsed and delivered the note to Yvette, under circumstances that would constitute the latter to be a holder in due course. (a) May Yvette hold Yolanda liable on the note?

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