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EXAMPLE
M issues a promissory note to P for P500.00 payable
on demand. P indorses the note to A. Upon being
sued by A, M cannot say that the agreement between
him and P was to pay only P300.00. Neither can he
allege that is a non-existent nor fictitious person. He
is also precluded from setting up such defenses as
minority, insanity, or ultra vires act of a corporation.
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