46 PHIL 716



Picornell  followed  the  instructions  of  Hyndman,  Tavera  and  Venutra  by buying bales of tobacco.  He was able to obtain in National Bank a sum of money together with his commission.  He drafted a bill of exchange against the firm and in favor of the bank.  It was received by National Bank and was accepted thereafter by the firm.  However, on alleged conditions of the tobacco, the bill of exchange was not paid.


This action for recovery is for the value of the bill of exchange.  The firm accepted the bill unconditionally but did not pay it at maturity, wherefore its responsibility to pay the same is clear.  The question whether or not the tobacco  was  worth  the  value  of  the  bill  doesn’t  concern  the  bank.    Such partial  want  of  consideration  if  it  was,  doesn’t  exist  with  respect  to  the bank which paid Picornell the full value of the said bill  of exchange.  The bank was a holder in due course, and was such for value full and complete. 
The firm cannot escape liability.