FACTS:

Ting issued a PBCom check payable to cash or bearer.  This was indorsed by Ang at the back and it was received by plaintiff.  Upon encashment of the  check,  the  same  was  dishonored.    Plaintiff  moved  that  the  two  make good  the  value  of  the  check  but  despite  demands,  he  was  unheeded, prompting him to file a complaint.  The trial court decided in his favor.   
 

HELD:

Even  on  the  assumption  that  the  appellant  was  an  accommodation indorser, as he professes to be, he is nevertheless by the clear mandate of section 29, liable on the instrument to a holder for value, notwithstanding that such  holder at the time of taking the instrument knew him to be an accommodation  party.    And  assuming  that  he  was  an  accommodation party,  he  may  obtain  security  from  the  maker  to  protect  himself  against the danger of insolvency of the latter but this doesn't affect his liability to the appellee, as the said remedy is a matter of recourse between him and the maker.