RSS

Pay v. Palanca [G.R. No. L-29900. June 28, 1974]

20 Apr

FACTS

The promissory note indicated payment “upon demand”. Petitioner relied on this to mean that prescription would not lie unless there is demand from them. The petition was filed fifteen years after its issuance.

ISSUE

Whether or not a promissory note to be paid “upon demand” is immediately due and demandable.

RULING

YES. Every obligation whose performance does not depend upon a future or uncertain event, or upon a past event unknown to the parties, is demandable at once (Art. 1179 of the New Civil Code). The obligation being due and demandable in this case, it would appear that the filing of the suit after fifteen years was much too late.

 

Tags: , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

 
%d bloggers like this: