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1) The case involved a negotiable warrant issued by the US government to Bacos that was endorsed by Gullas and Lopez and encashed by PNB. When the warrant was dishonored, PNB sent notices to Gullas charging his account but he did not receive them as he was away.
2) The court held that notice of dishonor is required to charge an endorser, and the right of action does not accrue until notice is given. PNB improperly used the funds in Gullas' account before sending notice of dishonor.
3) Notice of dishonor may be given by the holder, someone on the holder's behalf, any party compelled to pay the holder who
1) The case involved a negotiable warrant issued by the US government to Bacos that was endorsed by Gullas and Lopez and encashed by PNB. When the warrant was dishonored, PNB sent notices to Gullas charging his account but he did not receive them as he was away.
2) The court held that notice of dishonor is required to charge an endorser, and the right of action does not accrue until notice is given. PNB improperly used the funds in Gullas' account before sending notice of dishonor.
3) Notice of dishonor may be given by the holder, someone on the holder's behalf, any party compelled to pay the holder who
1) The case involved a negotiable warrant issued by the US government to Bacos that was endorsed by Gullas and Lopez and encashed by PNB. When the warrant was dishonored, PNB sent notices to Gullas charging his account but he did not receive them as he was away.
2) The court held that notice of dishonor is required to charge an endorser, and the right of action does not accrue until notice is given. PNB improperly used the funds in Gullas' account before sending notice of dishonor.
3) Notice of dishonor may be given by the holder, someone on the holder's behalf, any party compelled to pay the holder who
BASED ON AGBAYANIS BOOK AND ATTY. MERCADOS LECTURES
Page 105 of 190
BY: MA. ANGELA LEONOR C. AGUINALDO ATENEO LAW 2D BATCH 2010 being the drawer and indorser respectively. Another, Firestone may have sent the notice to Fojas Arca.
141 GULLAS V. PNB 62 PHIL 519
FACTS: The US government issued a warrant payable to the order of Bacos. Gullas and Lopez appeared as indorsers of the warrant. It was then encashed by the PNB. Subsequently, the warrant was dishonored by the Insular Treasurer. Upon learning of the dishonor, notices were sent to Gullas by the bank but it wasnt receive by Gullas as he was currently not within the vicinity. In the said notices served to Gullas and Lopez, it was indicated therein that since there was dishonor of the warrant, their corresponding accounts have been charged. It was only after the return of Gullas in Cebu when he received the notices. This caused prior inconvenience to Gullas. First, he wasnt able to pay for his insurance due to the lack of credit in his bank account and second, the incident was given prominence in Cebu to the great mortification of Gullas.
HELD: The general indorser of a negotiable instrument engages that if it be dishonored and the necessary proceedings of dishonor be duly taken, he will pay the amount thereof to the holder. In this connection, it has been held by a long line of authorities that notice of dishonor is necessary in order to charge an indorser and that the right of action against him doesnt accrue until the notice is given.
As a general rule, a bank has a right of setoff of the deposits in its hands for payment of any indebtedness on the part of a depositor but this should be enforced properly. It is undeniable in this case that PNB didnt enforce its right properly. It made used of the money in the account of Gullas prior to its sending of notice of dishonor.
Sec. 90. By whom given. - The notice may be given by or on behalf of the holder, or by or on behalf of any party to the instrument who might be compelled to pay it to the holder, and who, upon taking it up, would have a right to reimbursement from the party to whom the notice is given.
NOTICE MAY BE GIVEN BY 1. The holder 2. Another in behalf of the holder 3. Any party to the instrument who may be compelled to pay it to the holderagainst any party whom he has a right of reimbursement should such party giving notice pay the instrument 4. Another person in behalf of such party
Sec. 91. Notice given by agent. - Notice of dishonor may be given by any agent either in his own name or in the name of any party entitled to given notice, whether that party be his principal or not.
NOTICE OF AGENT Notice may be given by the agent and it is not necessary that the agent be authorized by the principal He may give the notice in his name or in the name of his principal A collecting bank may give notice, and where it has done so, no notice from the owner is necessary And where the cashier of the drawee bank which had refused to pay a check gave the check to a notary to protest, which was done, it was held that the possession of the check by the cashier was evidence of his agency of the holder to present it for protest
Sec. 92. Effect of notice on behalf of holder. - Where notice is given by or on behalf of the holder, it inures to the benefit of all subsequent holders and all prior parties who have a right of recourse against the party to whom it is given.
MEANING OF BENEFIT Benefit refers to the right to charge the person secondarily liable who received notice The party to whom this benefit inures can charge the party receiving notice of dishonor, even if himself didnt give the notice
INURES TO THE BENEFIT OF THE FOLLOWING 1. All parties prior to the holder, who have a right of recourse against the party to whom the notice is given 2. All holders subsequent to the holder giving notice
I PROMISE TO PAY B OR ORDER P1000.
SGD.A *B!C!D!E!F *F notifies B, C, D, E 1. The notice of F to B inures to the benefit of C, D and E, as they are parties prior to F, who have a right of recourse against B
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