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JAI-ALAI CORPORATION OF THE PHILIPPINES, petitioner, vs.
BANK
OF THE PHILIPPINE ISLANDS, respondent
DOCTRINE:
Holders of checks may obtain payment from the drawee bank by
presenting it for payment directly with the bank or by depositing it in his
account in another bank known as the collecting bank or depositary
bank. When the holder deposits his check with the collecting bank, the
nature of the relationship created at that stage is one of agency, that is
the bank is to collect from the drawee of the check the corresponding
proceeds.
FACTS:
ISSUE:
1.
2.
Doctrine
Where the signature on a negotiable instrument is forged, the
negotiation of the check is without force or effect. However, where a
check has several indorsersment on it, it is only the negotiation based
on the forged or unauthorized signature is inoperative. It will not render
void all the other negotiations of the check with respect to other parties
whose signatures are genuine.
FACTS
1.
HELD:
Where the signature on a negotiable instrument is forged, the
negotiation of the check is without force of effect. But the
existence of the forged signature therein will not render void all
the other negotiations of the check with respect to the other
parties whose signatures are genuine. It is only the negotiation
predicated on the forged indorsement that should be declared
inoperative.
2. Where after the drawee bank has paid the amount of the check
to the holder thereof, it was discovered that the signature of the
payee was forged, the bank can still recover from the one who
encashed the check. In the case of Great Eastern Life Insurance
Company vs. Hongkong and Shanghai Banking Corporation, 43
Phil. 678, it was held "where a check is drawn payable to the
order of one person and is presented to a bank by another and
purports upon its face to have been duly indorsed by the payee
of the check, it is the duty of the bank to know that the check
wasduly indorsed by the original payee, and where the Bank
pays the amount of the check to third person, who has forged
the signature of the payee, the loss falls upon the bank who
cashed the check, and its only remedy is against the person to
whom it paid the money."