ASTRO ELECTRONICS CORP. and PETER ROXAS v.

PHILIPPINE
EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION
411 SCRA 462
AUSTRIA-MARTINEZ, J.
FACTS:
Astro obtained loans from Philtrust Bank, secured by promissory notes
that were signed twice by Roxas, both as President of Astro Electronics and
in his personal capacity. Roxas also signed a continuing suretyship in favor of
Philtrust. Thereafter, PhilGuarantee bound itself as a guarantor. At default of
Astro, PhilGuarantee paid the obligation. It then filed an action for collection
of money from Astro and Roxas; however, Roxas contests this claiming that
if he wished to sign the instruments merely in his capacity as President of
Astro, then he should have signed only once.
ISSUE: Should Roxas be jointly and severally liable with Astro?
HELD:
Yes. Under the Negotiable Instruments Law, persons who write their
names on the face of promissory notes are makers, promising that they will
pay to the order of the payee or any holder according to its tenor.
Even without the phrase personal capacity, Roxas will still be primarily
liable as a joint and several debtor under the notes considering that his
intention to be liable as such is manifested by the fact that he affixed his
signature on each of the promissory notes twice which necessarily would
imply that he is undertaking the obligation in 2 different capacities, official
and personal.