BPI vs. Intermediate Appellate Court GR# L-66826, August !, !

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C"R#$%, &' Facts: Ri(ald) #. *s+orna,- and +is .i/e maintained in C"0#R1%# a dollar savings a,,ount and a peso ,urrent a,,ount. An appli,ation /or a dollar drat .as a,,omplis+ed 2) 3irgillo Gar,ia 2ran,+ manager o/ C"0#R1%# pa)a2le to a ,ertain Leovigilda 4i(on. In t+e PPLICtion, Gar,ia indi,ated t+at t+e amount .as to 2e ,+arged to t+e dolar savings a,,ount o/ t+e *s+orna,-s. #+ere .asa no indi,ation o/ t+e name o/ t+e pur,+aser o/ t+e dollar dra/t. Comtrust issued a ,+e,- pa)a2le to t+e order o/ 4i(on. 5+en *s+orna,noti,ed t+e .it+dra.al /rom +is a,,ount, +e demanded an e6plainaiton /rom t+e 2an-. In its ans.er, Comtrust ,laimed t+at t+e peso value o/ t+e .it+dra.al .as given to Att). $rnesto *s+orna,-, 2rot+er o/ Ri(ald). 5+en +e en,as+ed .it+ C"0#R1%# a ,as+iers ,+e,- /or P8789 issued 2) t+e manila 2an-ing ,orporation pa)a2le to $rnesto. Issue: 5+et+er t+e ,ontra,t 2et.een petitioner and respondent 2an- is a deposit: Held: #+e do,ument .+i,+ em2odies t+e ,ontra,t states t+at t+e 1%;<,999.99 .as re,eived 2) t+e 2an- /or sa/e-eeping. #+e su2se=uent a,ts o/ t+e parties also s+o. t+at t+e intent o/ t+e parties .as reall) /or t+e 2an- to sa/el) -eep t+e dollars and to return it to *s+orna,- at a later time. #+us, *s+orna,- demanded t+e return o/ t+e mone) on 0a) 9, !>6, or over /ive mont+s later. #+e a2ove arrangement is t+at ,ontra,t de/ined under Arti,le !62, ?e. Civil Code, .+i,+ reads'

Art. !62. A deposit is ,onstituted /rom t+e moment a person re,eives a t+ing 2elonging to anot+er, .it+ t+e o2ligation o/ sa/el) -eeping it and o/ returning t+e same. I/ t+e sa/e-eeping o/ t+e t+ing delivered is not t+e prin,ipal purpose o/ t+e ,ontra,t, t+ere is no deposit 2ut some ot+er ,ontra,t. --------------------------

BPI Family Savings Bank vs First Metro Investment (GR No 132390, May 21, 2004, Sandoval-Gutierrez) Issues !"et"er or not t"e de#osit in $uestion %ay &e treated as de%and de#osit or ti%e de#osit' I( it is to &e )onsidered a de%and de#osit, is it le*ally #ros)ri&ed (ro% earnin* interest+ ,eld -"e de#osit in $uestion is a ti%e de#osit &e)ause t"e de#osit o( ."# 100 %illion is not /it"dra/a&le (or one year #rovided t"at an advan)e interest o( 101 is #aid' No' 2e%and 2e#osits are not le*ally #ros)ri&ed (ro% earnin* interest' 3nder 45 4ir 22 s 1994, de%and de#osits s"all not &e su&6e)t to any rate )eilin*' -"is, a))ordin* to t"e S4 is an o#en aut"ority to #ay interest even on de%and de#osit and /it" %ore reason &e)ause interest is not even su&6e)t to any )eilin*'

7ddendu% -i%e 2e#osit 8 is one /"ere t"e #ay%ent o( /"i)" )annot &e le*ally re$uired /it"in a s#e)i(ied nu%&er o( days' 2e%and 2e#osit (4urrent 7))ount) 8 is one /"ere t"e lia&ility o( t"e &an9 is deno%inated in ."ili##ine )urren)y su&6e)t to #ay%ent in le*al tender u#on #resentation o( t"e de#ositor:s )"e)9' ----------------------------------Digests (Berne Guerrero)

Tan vs. CA GR 108555, 20 December 1 ! "irst Division, #a$unan (%) "acts& Ramon Tan, a businessman from Puerto Princesa, secured a Cashiers Check from Philippine Commercial Industrial Bank (PCIBank) to P30,000 pa able to his order to a!oid carr in" cash #hile enroute to $anila% &e deposited the check in his account in Ri'al Commercial Bankin" Corporation (RCBC) in its Binondo Branch% RCBC sent the check for clearin" to the Central Bank #hich #as returned for ha!in" been (missent) or (misrouted%) RCBC debited Tans account #ithout informin" him% Rel in" on common kno#led"e that a cashiers check #as as "ood as cash, and a month after depositin" the check, he issued t#o personal checks in the name of *o +ak and $, -e!elopment Tradin" Corporation% Both checks bounced due to (insufficienc of funds%) Tan filed a suit for dama"es a"ainst RCBC% 'ssue& .hether a cashiers check is as "ood as cash, so as to ha!e funded the t#o checks subse/uentl dra#n%

(e)*& 0n ordinar check is not a mere undertakin" to pa an amount of mone % There is an element of certaint or assurance that it #ill be paid upon presentation1 that is #h it is percei!ed as a con!enient substitute for currenc in commercial and financial transactions% &erein, #hat is in!ol!ed is more than an ordinar check, but a cashiers check% 0 cashiers check is a primar obli"ation of the issuin" bank and accepted in ad!ance b its mere issuance% B its !er nature, a cashiers check is a banks order to pa #hat is dra#n upon itself, committin" in effect its total resources, inte"rit and honor be ond the check% &erein, PCIB b issuin" the check created an unconditional credit in fa!or an collectin" bank% Reliance on the la mans perception that a cashiers check is as "ood as cash is not entirel misplaced, as it is rooted in practice, tradition and principle%