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HomeJurisprudenceCaltexvsCourtofAppeals

CaltexvsCourtofAppeals
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NegotiableInstrumentsLawNegotiableInstrumentsinGeneral212SCRA448BearerInstrumentCertificateofTimeDeposit
In1982,AngeldelaCruzobtainedcertificatesoftimedeposit(CTDs)fromSecurityBankandTrustCompanyfortheformersdeposit
withthesaidbankamountingtoP1,120,000.00.ThesaidCTDsarecouchedinthefollowingmanner:

This is to Certify that B E A R E R has deposited in this Bank the sum of _______ Pesos, Philippine Currency,
repayabletosaiddepositor_____days.afterdate,uponpresentationandsurrenderofthiscertificate,withinterestatthe
rateof___%percentperannum.

AngeldelaCruzsubsequentlydeliveredtheCTDstoCaltexinconnectionwiththepurchaseoffuelproductsfromCaltex.
InMarch1982,AngeldelaCruzadvisedSecurityBankthathelosttheCTDs.Heexecutedanaffidavitoflossandsubmittedittothe
bank.ThebankthenissuedanothersetofCTDs.Inthesamemonth,AngeldelaCruzacquiredaloanofP875,000.00andheusedhis
timedepositsascollateral.
InNovember1982,arepresentativefromCaltexwenttoSecurityBanktopresenttheCTDs(deliveredbydelaCruz)forverification.
CaltexadvisedSecurityBankthatdelaCruzdeliveredCaltextheCTDsassecurityforpurchaseshemadewiththelatter.SecurityBank
refused to accept the CTDs and instead required Caltex to present documents proving the agreement made by de la Cruz with Caltex.
Caltexhoweverfailedtoproducesaiddocuments.
InApril1983,delaCruzloanwithSecuritybankmaturedandnopaymentwasmadebydelaCruz.SecurityBankeventuallysetoff
thetimedeposittopayofftheloan.
CaltexsuedSecurityBanktocompelthebanktopayofftheCTDs.SecurityBankarguedthattheCTDsarenotnegotiableinstruments
even though the word bearer is written on their face because the word bearer contained therein refer to depositor and only the
depositorcanencashtheCTDsandnooneelse.
ISSUE:Whetherornotthecertificatesoftimedepositarenegotiable.

HELD:Yes.TheCTDsindicatethattheyarepayabletothebearerthatthereisanimplicationthatthedepositoristhebearerbutastowhothedepositoris,no
oneknows.ItdoesnotsayonitsfacethatthedepositorisAngeldelaCruz.IfitwasreallytheintentionofrespondentbanktopaytheamounttoAngeldela
Cruzonly,itcouldhavewithfacilitysoexpressedthatfactinclearandcategoricaltermsinthedocuments,insteadofhavingthewordBEARERstampedon
thespaceprovidedforthenameofthedepositorineachCTD.Onthewordingsofthedocuments,therefore,theamountsdepositedarerepayabletowhoevermay
bethebearerthereof.
Thus, de la Cruz is the depositor insofar as the bank is concerned, but obviously other parties not privy to the transaction between them would not be in a
positiontoknowthatthedepositorisnotthebearerstatedintheCTDs.
However, Caltex may not encash the CTDs because although the CTDs are bearer instruments, a valid negotiation thereof for the true purpose and agreement
betweenCaltexandDelaCruz,requiresbothdeliveryandindorsement.AsdiscernedfromthetestimonyofCaltexrepresentative,theCTDsweredeliveredto
thembydelaCruzmerelyforguaranteeorsecurityandnotaspayment.

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