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Phil. Trust Co. Vs. Phil. National Bank 042 Phil 413

PHILIPPINE TRUST COMPANY, as assignee of Salvador Hermanos, insolvent, plaintiff-appellant, vs. PHILIPPINE NATIONAL BANK, defendant-appellee.

G.R. No. 16483 | 1921-12-07

D E C I S I O N


JOHNS, J .:

The plaintiff and defendant are corporations organized under the laws of the Philippine Islands and domiciled in the city of Manila.

Salvador Hermanos was a copartnership and during the month of January, 1919, executed to the defendant eight promissory notes aggregating P156,000, payable on demand, and each secured by a quedan, or warehouse receipt, issued by the firm of Nieva, Ruiz & Company. Each note recites that it is payable on demand after date, for value received, and that the firm has deposited "with the said bank as collateral security for the payment of this note, or any note given in extension or...