CONSIDERATION

 
Sec.   24.   Presumption   of   consideration.   -   Every   negotiable instrument  is  deemed  prima  facie  to  have  been  issued  for  a valuable consideration; and every person whose signature appears thereon to have become a party thereto for value.
 

PRESUMPTION OF CONSIDERATION IS DISPUTABLE

•      One of the disputable presumptions laid down by our Rules of Court is that  a  negotiable  instrument  was  given  or  indorsed  for  a  sufficient consideration  
 

CONSIDERATION NEED NOT ALLEGED OR PROVED

•      In  an  action  based  on  a  negotiable  instrument,  it  is  unnecessary  to aver or prove consideration for it is imported and presumed from the fact that it is a negotiable instrument
 

MERE INTRODUCTION OF INSTRUMENT SUFFICIENT

•      The  mere  introduction  of  the  instrument  sued  on  in  evidence,  prima facie  entitles  the  plaintiff  of  a  recovery  and  unless  such  prima  facie case is overcome by evidence produced by the defendant the plaintiff is entitled to recover
 

EFFECT OF LACK OF CONSIDERATION

•      The same is without legal effect and the payment for the note is not demandable