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The International Corporate Bank vs. Spouses Gueco due.

When the instrument is payable on demand, presentment must


GR 141968, 12 February 2001 be made within a reasonable time after its issue.

Facts: A check must be presented for payment within a reasonable time after
Spouses Francis S. Gueco and Ma. Luz E. Gueco obtained a loan its issue, and in determining what is a "reasonable time," regard is to
from petitioner International Corporate Bank to purchase a car. In be had to the nature of the instrument, the usage of trade or business
consideration thereof, the Spouses executed promissory notes which with respect to such instruments, and the facts of the particular case.
were payable in monthly installments and chattel mortgage over the The test is whether the payee employed such diligence as a prudent
car to serve as security for the notes. man exercises in his own affairs. This is because the nature and
theory behind the use of a check points to its immediate use and
The respondents defaulted in payment of installments. A civil case payability. Thus, even a delay of 1 week or two (2) days, under the
was filed by the petitioner which resulted later into negotiations in specific circumstances of the certain cases constituted unreasonable
lowering the remaining unpaid balance from P184,000.00 to time as a matter of law.
P150,000.00, detaining the car until payment thereof.
Herein, the check involved is not an ordinary bill of exchange but a
Respondent delivered a manager's check representing the reduced manager's check. A manager's check is one drawn by the bank's
amount of P150,000.00. Said check was given to Mr. Rivera, a manager upon the bank itself. It is similar to a cashier's check both as
representative of respondent bank. However, since Dr. Gueco refused to effect and use. A cashier's check is a check of the bank's cashier
to sign the joint motion to dismiss, he was made to execute a on his own or another check.
statement to the effect that he was withholding the payment of the
check. Subsequently, Dr. Gueco sent a letter and instructed the bank In effect, it is a bill of exchange drawn by the cashier of a bank upon
to disregard the "hold order" letter and demanded the immediate the bank itself, and accepted in advance by the act of its issuance. It
release of his car, to which the former replied that the condition of is really the bank's own check and may be treated as a promissory
signing the joint motion to dismiss must be satisfied and that they had note with the bank as a maker. The check becomes the primary
kept the check which could be claimed by Dr. Gueco anytime. obligation of the bank which issues it and constitutes its written
promise to pay upon demand. The mere issuance of it is considered
Issue: Whether the bank was negligent in opting not to deposit or use an acceptance thereof. If treated as promissory note, the drawer
the managers check? would be the maker and in which case the holder need not prove
presentment for payment or present the bill to the drawee for
Held: acceptance.
NO. The bank held on the check and refused to encash the same
because of the controversy surrounding the signing of the joint motion Even assuming that presentment is needed, failure to present for
to dismiss. No bad faith or negligence in this position taken by the payment within a reasonable time will result to the discharge of the
Bank. drawer only to the extent of the loss caused by the delay. Failure to
present on time, thus, does not totally wipe out all liability. In fact, the
A stale check is one which has not been presented for payment within legal situation amounts to an acknowledgment of liability in the sum
a reasonable time after its issue. It is valueless and, therefore, should stated in the check. In this case, respondents has not shown that they
not be paid. Under the negotiable instruments law, an instrument not or the bank which issued the manager's check has suffered damage
payable on demand must be presented for payment on the day it falls or loss caused by the delay or non-presentment. Definitely, the original
obligation to pay certainly has not been erased.

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