BATASnatin LIVE Free Legal Advice
BATASnatin Live! Visit our YouTube channel for more details!
ASTRO ELECTRONICS CORP. V. PHIL. EXPORT 411 SCRA 462
ASTRO ELECTRONICS CORP. V. PHIL. EXPORT
411 SCRA 462
FACTS:Astro obtained loans from Philtrust Bank, secured by promissory notes that were signed by Roxas, both as President of Astro Electronics and in his personal capacity. Thereafter, PhilGuarantee bound itself as a guarantor. At default of Astro, PhilGuarantee paid the obligation. It then filed an action for collection of money from Astro and Roxas.
HELD:Under the Negotiable Instruments Law, persons who write their names on the face of promissory
notes are makers, promising that they will pay to the order of the payee or any holder according to its tenor.
At the study of the instrument, the allegations of Roxas are bereft of any merit—that is, the words “in his personal capacity” were added after he signed the instrument.