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1) Hi-Cement issued post-dated crossed checks to E.T. Henry & Co. for purchases, which E.T. Henry then re-discounted to Insular Bank of Asia. 2) When some checks were dishonored, Insular Bank sued Hi-Cement as the drawer, arguing it was a holder in due course. 3) The Supreme Court ruled Insular Bank was not a holder in due course as it did not obtain the checks in good faith, given it knew the checks were crossed and ignored irregularities in the re-discounting process.

Author

RenzoSantos

Language

EN