This case has been cited 1 times or more.
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2014-11-26 |
LEONARDO-DE CASTRO, J. |
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| Even more telling is the Court's pronouncement in Tan v. Court of Appeals,[36] which unequivocally settled the unconditional nature of the credit created by the issuance of manager's or cashier's checks: A cashier's check is a primary obligation of the issuing bank and accepted in advance by its mere issuance. By its very nature, a cashier's check is the bank's order to pay drawn upon itself, committing in effect its total resources, integrity and honor behind the check. A cashier's check by its peculiar character and general use in the commercial world is regarded substantially to be as good as the money which it represents. In this case, therefore, PCIB by issuing the check created an unconditional credit in favor of any collecting bank. (Emphases supplied, citations omitted.) | |||||