Question & AnswerQ&A (Act No. 2337)
The main purpose of Act No. 2337 is to declare sections 85 and 194 of Act No. 2031, 'The Negotiable Instruments Law,' in full force and effect and to repeal inconsistent provisions of law, including provisions in Act No. 2160 concerning the maturity of negotiable instruments on public holidays.
Sections 85 and 194 of Act No. 2031, 'The Negotiable Instruments Law,' are declared to be in full force and effect.
Act No. 2337 repeals any acts or parts of acts inconsistent with sections 85 and 194 of Act No. 2031 and parts of Act No. 2160 that provide rules about when negotiable instruments maturing on public holidays are deemed to have matured.
All acts done in accordance with sections 85 and 194 of Act No. 2031 since the act took effect are declared valid and effective by Act No. 2337.
Act No. 2337 took effect upon its passage, which was February 27, 1914.
Section 85 in The Negotiable Instruments Law pertains to provisions regarding negotiable instruments and their enforcement, which Act No. 2337 confirms as operative law.
It repeals inconsistent provisions of the law, including those from Act No. 2160, effectively establishing that the provisions of sections 85 and 194 of The Negotiable Instruments Law govern the treatment of negotiable instruments maturing on public holidays.
The Philippine Legislature enacted Act No. 2337, by authority of the United States during its sovereignty over the Philippines at the time.
Yes, Act No. 2337 validates all actions done in accordance with sections 85 and 194 of Act No. 2031 since the law took effect, thereby giving it a retroactive effect.
Act No. 2337 pertains to commercial law, specifically the law governing negotiable instruments such as promissory notes, checks, and drafts.