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NEGO - Quevedo 1
Camille Umali

CHAPTER 2: TRANSFER

GREAT ASIAN SALES CENTER CORPORATION V CA NEGO DIGESTS JULY 10

381 SCRA 557; CARPIO; April 25, 2002
FACTS
-Great Asian is engaged in the business of buying and
selling household appliances. In March 1981, the
board of directors of Great Asian approved a
resolution authorizing its Treasurer and GM, Arsenio
Lim Piat, Jr. to secure a loan from Bancasia in an
amount not to exceed P1M and also authorized
Arsenio to sign all papers, documents or promissory
notes necessary to secure the loan. In Feb. 1982, the
board of directors of Great Asian approved a 2nd
resolution authorizing Great Asian to secure a
discounting line with Bancasia in an amount not
exceeding P2M and also designated Arsenio as the
authorized signatory to sign all instruments,
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necessary to secure the
discounting line.
-In March 1981 and 1982, Tan Chong Lin signed 2 Surety
Agreements in favor of Bancasia to guarantee,
solidarily, the debts of Great Asian to Bancasia.
Great Asian, through Arsenio, signed 4 Deeds of
Assignment of Receivables, assigning to Bancasia 15
postdated checks issued by various customers in
payment for appliances and other merchandise.
Arsenio endorsed all the 15 checks by signing his
name at the back of the checks. Eight of the
dishonored checks bore the endorsement of Arsenio
below the stamped name of “Great Asian Sales
Center”, while the rest of the dishonored checks just
bore the signature of Arsenio. The drawee banks
dishonored the fifteen checks on maturity when
deposited for collection by Bancasia, with any of the
following as reason for the dishonor: “account closed”,
“payment stopped”, “account under garnishment”, and
“insufficiency of funds”. After the drawee bank
DOCUMENTS
HELD
1. YES
-The Corporation Code of the Philippines vests in the
board of directors the exercise of the corporate
powers of the corporation, save in those instances NEGO COMPILED CASE DIGESTS
where the Code requires stockholders’ approval for
certain specific acts. In the ordinary course of DOCUMENTS
business, a corporation can borrow funds or dispose
of assets of the corporation only on authority of the
board of directors. The board of directors normally
designates one or more corporate officers to sign loan
documents or deeds of assignment for the
corporation.
2ND BATCH NEGO DIGESTS
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-To secure a credit accommodation from Bancasia, the
board of directors of Great Asian adopted 2 board DOCUMENTS
resolutions on different dates. (text of resolutions
shown in case) As plain as daylight, the 2 board
resolutions clearly authorized Great Asian to secure a
loan or discounting line from Bancasia. The 2 board
resolutions also categorically designated Arsenio as
the authorized signatory to sign and deliver all the NEGO DIGESTS 32 - 34
implementing documents, including checks, for Great
Asian. There is no iota of doubt whatsoever about the DOCUMENTS
purpose of the 2 board resolutions, and about the
authority of Arsenio to act and sign for Great Asian.
Arsenio had all the proper and necessary authority from
the board of directors of Great Asian to sign the
Deeds of Assignment and to endorse the fifteen
postdated checks. Arsenio signed the Deeds of
NEGO DEFENSE - FORGERY (CA…
Assignment as agent and authorized signatory of
Great Asian under an authority expressly granted by
DOCUMENTS
its board of directors. The signature of Arsenio on the

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NEGO - Quevedo Camille UmaliCHAPTER 2: TRANSFER GREAT ASIAN SALES CENTER CORPORATION NEGO CASES - DIGEST
V CA 381 SCRA 557; CARPIO; April 25, 2002 FACTS -Great Asian is engaged in the business of buying and DOCUMENTS
selling household appliances. In March 1981, the board of directors of Great Asian approved a resolution
authorizing its Treasurer and GM, Arsenio Lim Piat, Jr. to secure a loan from Bancasia in an amount not to
exceed P1M and also authorized Arsenio to sign all papers, documents or promissory notes necessary to
secure the loan. In Feb. 1982, the board of directors of Great Asian approved a 2nd resolution authorizing NEGO SERVICIOS - DOSSIER
Great Asian to secure a discounting line with Bancasia in an amount not exceeding P2M and also designated DOCUMENTS
Arsenio as the authorized signatory to sign all instruments, documents and checks necessary to secure the
discounting line. -In March 1981 and 1982, Tan Chong Lin signed 2 Surety Agreements in favor of Bancasia to
guarantee, solidarily, the debts of Great Asian to Bancasia. Great Asian, through Arsenio, signed 4 Deeds of
Assignment of Receivables, assigning to Bancasia 15 postdated checks issued by various customers in MERC REV - NEGO
payment for appliances and other merchandise. Arsenio endorsed all the 15 checks by signing his name at the DOCUMENTS
back of the checks. Eight of the dishonored checks bore the endorsement of Arsenio below the stamped name
of Great Asian Sales Center, while the rest of the dishonored checks just bore the signature of Arsenio. The

NEGO CASE DIGEST 2

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35446 NEGO FINALS REVIEWER

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