Ansaldo vs CA Facts: Transoceani Factors Corporation issued 6 promissory notes in favor of Philippine Commercial & Industrial Bank.

The notes were signed for the firm by its president, A.S. Moreno, over a span of 3 months and in various amounts for an aggregate amount of P150,000, exclusive of interest. The interest rate of the first note is 11% and the rest is 10%. All the notes have the same maturity date. At about the same time, TFC extended 2 loans at 14% interest per annum to Jose Ansaldo and Teofilo Reyes which was evidenced by a promissory note in which each promissory waived “demand, presentment, protest, and notice of protest and nonpayment. TFC paid PCIB only P78 504.43 and endorsed to PCIB for value the promissory notes of Ansaldo and Reyes. Claiming that the notes have matured without payment by Ansaldo and Reyes, the bank instituted actions against them. Issue: WON PCIB should have presented the promissory note to Ansaldo Held: It suffices to dispose of this issue by pointing out that it was never raised in either the Court of Appeals or the Trial Court, and cannot be raised for the first time in this Court. It is a petty issue for if according to him, such an exhibition was needed to give him opportunity to determine the genuineness of the instrument, this was rendered unnecessary not only by his omission to contest it, but also by his admission of the authenticity of the note implicit from his averment that he made substantial payments thereon and second, he made a waiver of demand, presentment, etc.

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