curity Bank and Trust Company digest



a commercial banking institution,

through its Sucat Branch issued 280 certificates of time deposit (CTDs) in favor of one Angel dela Cruz who deposited with herein defendant the aggregate amount of P1,120,000

Angel dela Cruz delivered the said certificates of time deposit (CTDs) to herein plaintiff in connection with his purchase of fuel products from the latter

Angel dela Cruz informed Mr

Timoteo Tiangco,

that he lost all the certificates of time deposit in dispute

Tiangco advised said depositor to execute and submit a notarized Affidavit of Loss which she executed

Angel dela Cruz negotiated and obtained a loan from defendant bank in the amount of P875,000

On the same date,

said depositor executed a notarized Deed of Assignment of Time Deposit which stated,

that he (dela Cruz) surrenders to defendant bank `full control of the indicated time deposits from and after date of the assignment and further authorizes said bank to preterminate,

set-off and 'apply the said time deposits to the payment of whatever amount or amounts may be due' on the loan upon its maturity


Credit Manager of plaintiff Caltex,

went to the defendant bank's Sucat branch and presented for verification the CTDs declared lost by Angel dela Cruz alleging that the same were delivered to herein plaintiff `as security for purchases made with Caltex

Plaintiff was requested by herein defendant to furnish the former 'a copy of the document evidencing the guarantee agreement with Mr

Angel dela Cruz' as well as 'the details of Mr

Angel dela Cruz' obligations against which' plaintiff proposed to apply the time deposits

No copy of the requested documents was furnished herein defendant

Defendant bank rejected the plaintiff's demand and claim for payment of the value of the CTDs

The loan of Angela dela Cruz matured,

the bank set-off and applied the time deposits in question to the payment of the matured loan

Plaintiff filed the instant complaint,

praying that defendant bank be ordered to pay it the aggregate value of the certificates of time deposit of P1,120,000

RTC & CA dismissed complaint

Issues: 1

WON certificates of deposit are negotiable instruments 2

Did Caltex become a holder in due course of the said certificates of deposit/WON Caltex can rightfully recover on the CTDs Ruling: 1

Sample of CTD: This is to Certify that BEARER has deposited in this Bank the sum of PESOS: FOUR SECURITY BANK THOUSAND ONLY,

repayable to said depositor 731 days after date,

upon presentation and surrender of this certificate

The CTDs in question undoubtedly meet the requirements of the law for negotiability

The parties' bone of contention is with regard to requisite (d) [PAYABLE TO BEARER]

CTDs are negotiable instruments

The documents provide that the amounts deposited shall be repayable to the depositor

And who,

" The documents do not say that the depositor is Angel de la Cruz and that the amounts deposited are repayable specifically to him


the amounts are to be repayable to the bearer of the documents or,

whosoever may be the bearer at the time of presentment

If it was really the intention of respondent bank to pay the amount to Angel de la Cruz only,

it could have with facility so expressed that fact in clear and categorical terms in the documents,

instead of having the word "BEARER" stamped on the space provided for the name of the depositor in each CTD

petitioner's aforesaid witness merely declared that Angel de la Cruz is the depositor "insofar as the bank is concerned," but obviously other parties not privy to the transaction between them would not be in a position to know that the depositor is not the bearer stated in the CTDs

If it were true that the CTDs were delivered as payment and not as security,

petitioner's credit manager could have easily said so,

instead of using the words "to guarantee" in the letter aforequoted

Had it produced the receipt prayed for,

that the CTDs were delivered as payment and not as security

An instrument is negotiated when it is transferred from one person to another in such a manner as to constitute the transferee the holder thereof,

and a holder may be the payee or indorsee of a bill or note,

In the present case,

there was no negotiation in the sense of a transfer of the legal title to the CTDs in favor of petitioner in which situation,

mere delivery of the bearer CTDs would have sufficed

the delivery thereof only as security for the purchases of Angel de la Cruz could at the most constitute petitioner only as a holder for value by reason of his lien


a negotiation for such purpose cannot be effected by mere delivery of the instrument since,

the terms thereof and the subsequent disposition of such security,

in the event of non-payment of the principal obligation,

must be contractually provided for

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