PNB v Concepcion Mining; G.R. No. L-16968; 31 Jul 1962; 5 SCRA 745

FACTS:
A promissory note was co-executed on March 12, 1954 by Vicente Legarda, president of Concepcion Mining Company, and Jose Sarte, promising to pay to the order of plaintiff-appellee bank ninety days after date. Defendants mining company and Sarte were sentenced to pay plaintiff bank in a civil action brought against them for their failure to pay as promised.

ISSUE(S):
Whether or not the estate of co-maker Legarda should be included as party-defendant.

RULING:
NO. As the promissory note was executed jointly and severally by the same parties, the payee of the promissory note had the right to hold any one or any two of the signers of the promissory note responsible for the payment of the amount of the note.

PERTINENT PROVISION(S):
NIL, Section 17, paragraph g: Where an instrument containing the word “I promise to pay” is signed by two or more persons, they are deemed to be jointly and severally liable thereon.

CC, Article 1216: The creditor may proceed against any one of the solidary debtors or some of them simultaneously. The demand made against one of them shall not be an obstacle to those which may subsequently be directed against the others so long as the debt has not been fully collected.

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Category: Legal Chyme

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