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Raul Sesbre?o Vs. Court Of Appeals, Et Al.

RAUL SESBRE?O, petitioner, vs. HON. COURT OF APPEALS, DELTA MOTORS CORPORATION and PILIPINAS BANK, respondents.

G.R. No. 89252 | 1993-05-24

D E C I S I O N


FELICIANO, J.:

On 9 February 1981, petitioner Raul Sesbreño made a money market placement in the amount of P300,000.00 with the Philippine Underwriters Finance Corporation ("Philfinance"), Cebu Branch; the placement, with a term of thirty-two (32) days, would mature on 13 March 1981. Philfinance, also on 9 February 1981, issued the following documents to petitioner:

(a) the Certificate of Confirmation of Sale, "without recourse," No. 20496 of one (1) Delta Motors Corporation Promissory Note ("DMC PN") No. 2731 for a term of 32 days at 17.0 % per annum;

(b) the Certificate of Securities Delivery Receipt No. 16587...