PNB V. CONCEPCION MINING

115 PHIL 723

FACTS:

A  case  for  collection  of  a  sum  of  money  was  filed  against  defendants  in connection   with   a   promissory   note   they   issued   with   others.      The defendants  move  that  since  their  co-makers  have  died,  claim  should  be also against the estates of such.  This was denied by the court.

HELD:

Where an instrument containing the words “I promise to pay” is signed by two  or  more  persons,  they  are  deemed  to  be  jointly  and  severally  liable thereon.    By  virtue  of  this  provision  found  in  Section  17,  and  as  the promissory  note  was  executed  jointly  and  severally  by  the  parties,  the payee  of  the promissory  note  had  the  right  to  hold  any  one  of  the  them responsible for the payment of the amount of the note.