7/25/2019 Raul Sembreno v. CA, Delta Corporation

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RAUL SEMBRENO V. CA, DELTA MOTORS CORPORATION

Facts: Sembreno placed a money market placement withPhilippine Underwriters Finance Corporation (Philfnance). As

such, Philfnance issued the ollowin! documents" (#)

Certifcate o Confrmation o Sale, ($) Certifcate o

Securities %eli&ery 'eceipt, indicatin! the sale o DMC PN

No. 2731 and indicatin! that the securities custodian is

Pilipinas ank, and ()post!at"! c#"c$s pa%a&'" o( t#")at*+t% !at" 13 Ma+c# 1-1 o Sembreno*s placement.

+n the maturity date, Sembreno encashed the said checks,

howe&er, it was dishonoured because it was drawn a!ainst

insucient unds.

Sembreno went to Pilipinas ank to obtain the %-C P o.

$/#. 0e ound out that the %-C P which represents the

underlyin! &alue o the transaction is issued #1 April #231,

and will mature on 1/ Ap+' 1-1. 4he said %-C P o.

$/# has Philfnance as its payee, %elta -otors Corporationas its -aker, and has a stamp o 5+678+49A:7; on its

ace.

Sembreno then demanded %elta -otors Corporation or the

deli&ery o the securities and partial payment o such money

market placement due to the act that Philfnance assi!ned

Sembreno such %-C P o. $/# in the amount o P1/,111

on a without recourse basis. 0owe&er, %elta Corporation

rebutted that the said instrument has already been paid6o