Instruction: Answer and explain briefly the following items.

61. D borrows from C, and as security D entrusts to C his ring, which C can sell in case D fails to pay the debt at the time of maturity.

If D dies, is the agency of C extinguished? Explain.

62. An agent with express power to sell certain property, without being aware of the death of his principal, sold the property after the death of his principal. The purchaser, however, knew of the death of the principal.

Is the contract valid and binding? Explain.

63. Remunerate the requirements for negotiability of a promissory note.

64. Remunerate the requirements for negotiability of a bill of exchange.