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PAY v PALANCA Uploaded by jodelle11
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Filipinas Life vs. Pedroso and
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II. Form and Interpretation of Negotiable Instruments Sheet Music
-must payable on demand or at a fixed or determinable future time G.R. No. L-29900 June 2! "9#$ %ay &. %alan'a
IN ()* +,((*R F ()* IN(*(,(* *(,(* F J/( %,L,N,! 1e'eased! G*RG* G*R G* %, %, ! petitioner-appellant, vs.*G/N1IN, vs. *G/N1IN, )/, 31,. 1* %,L,N,! oppositor-appellee. F*RN,N1!
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Petitioner George Pay is a creditor of the Late Justo Palanca who died in Manila on 3, 193. !he clai" of the petitioner is #ased on a pro"issory note dated January 19%&, where#y the late Justo Palanca and 'osa Gon(ales )da. de *arlos Pala pro"ised to pay George Pay the a"ount of P&,9$$.$$, with interest thereon at the of 1&+ per annu".
!he pro"issory note, dated January 3$, 19&, is worded thus /or value rece fro" ti"e to ti"e since 190, we 2ointly and severally pro"ise to4 pay to Mr. 2Geo Pay4 at his office at the *hina 5an6ing *orporation the su" of 2!wenty 7i8 !hous ine :undred Pesos4 ;P&,9$$.$$<, with interest thereon at the rate of 1&+ per ann upon receipt #y either of the undersigned of cash pay"ent fro" the =state of the upon demand ?. >on *arlos Palanca or upon ?. . . .
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pro"issory note e8ecuted "ore than fifteen years earlier with the de#tor sued pro"i
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PAY v PALANCA Uploaded by jodelle11
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Filipinas Life vs. Pedroso and
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depend upon a future or uncertain event, or upon a past event un6nown to the partie is de"anda#le at once. !he o#ligation #eing due and de"anda#le, it would appear the filing of the suit after fifteen years was "uch too late. /or again, according to the *ivil *ode, which is #ased on 7ection 03 of Dct o. 19$, the prescriptive period for a written contract is that of ten years. .
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