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Jose Ma. Ansaldo vs. Court of Appeals, etal

JOSE MA. ANSALDO, petitioner, vs. COURT OF APPEALS, and PHILIPPINE COMMERCIAL AND INDUSTRIAL BANK, respondents.

G.R. No. L-47696 | 1989-08-29

D E C I S I O N


NARVASA, J.:

A corporation known as Transoceanic Factors Corporation (hereafter TFC) executed six (6) promissory notes in favor of Philippine Commercial & Industrial Bank (hereafter, PCIB). The notes were signed for the firm by its president, A.S. Moreno, over a span of some three (3) months, and were made out in various amounts. One was for P50,000.00; two (2) were for P15,000.00 each; two (2), for P20,000.00 each; and the sixth, for P30,000.00, or an aggregate of P150,000.00, exclusive of interest. The interest was fixed at the rate of 10% per annum for all the notes except the first, as to which the interest rate was...