EN BANC
[G.R. No. L-4633. May 31, 1954. ]
GREGORIO ARANETA, INC., Plaintiff-Appellant, v. PHILIPPINE NATIONAL BANK, Defendant-Appellee.
Araneta & Araneta for Appellant.
First Assistant Corporate Counsel Federico C. Alikpala and Attorney Augusto Kalaw for Appellee.
SYLLABUS
1. NEGOTIABLE INSTRUMENT; COMMERCIAL LETTER OF CREDIT; DRAFT; PAYMENT AGREEMENT DECISIVE AS TO RATE OF EXCHANGE. — Although the plaintiff’s application for commercial letter of credit for payment at maturity of the draft, this referred merely to the time when the plaintiff was bound to pay. The rate of exchange at which the draft should be paid by the plaintiff, according to its agreement, was determined by the rate of exchange on the date the draft was drawn and presented or negotiated.
2. ID.; ID.; ID.; ID.; ID.; BANKING PRACTICE IMMATERIAL. — Where there is an express contract between the parties defining their rights and obligations, the banking practice that a draft should be paid at the rate of exchange existing on the date of its maturity is immaterial.
2. ID.; ID.; ID.; ID.; ID.; BANKING PRACTICE IMMATERIAL. — Where there is an express contract between the parties defining their rights and obligations, the banking practice that a draft should be paid at the rate of exchange existing on the date of its maturity is immaterial.
D E C I S I O N
PARAS, J.:
This is an appeal by the plaintiff from a judgment of the Court of First Instance of Manila dismissing the plaintiff’s complaint with costs.
As admitted by the appellant, the following facts contained in the appealed judgment are uncontroverted: "That on October 28, 1948, the plaintiff filed with the defendant an application for a commercial letter of credit in favor of the Allied National Corporation, Ltd., Anco House, Buckingham Gate, London for the sum of
As admitted by the appellant, the following facts contained in the appealed judgment are uncontroverted: "That on October 28, 1948, the plaintiff filed with the defendant an application for a commercial letter of credit in favor of the Allied National Corporation, Ltd., Anco House, Buckingham Gate, London for the sum of
