REPUBLIC PLANTERS BANK V. CA
219 SCRA 736
FACTS:Yamaguchi and Canlas are officers of the Worldwide Garment Manufacturing, which later changed its name to Pinch Manufacturing. They were authorized to apply for credit facilities with the petitioner bank. The two officers signed the promissory notes issued to secure the payment of the obligations. Later, the bank instituted an action for collection of money, impleading also the two officers. The trial court held the two officers personally liable also.
HELD:Canlass is solidarily liable on each of the promissory notes to which his signature appears. The promissory notes in question are negotiable instruments and thus, governed by the Negotiable Instruments Law.
Under the Negotiable Instruments Law, persons who write their names in the instrument are makers are liable as such. By signing the note, the maker promises to pay to the order of the payee or any holder the tenor of the obligation. Based on the above provisions of the law, there is no denying that Canlass is one of the co-makers of the promissory note.