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Home > ChanRobles Virtual Law Library > Philippine Supreme Court Jurisprudence > G.R. No. L-21000, 21002-21004, and 21006 | EN BANCG.R. Nos. L-21000, 21002-21004, and 21006 December 20, 1924In the matter of the involuntary insolvency of Umberto de Poli. BANK OF THE PHILIPPINE ISLANDS, ET AL.,claimants-appellees, vs. J.R. HERRIDGE, assignee of the insolvent estate of U. de Poli, BOWRING and CO., C.T. BOWRING and CO., LTD., and T.R. YANGCO, creditors-appellants. OSTRAND, J.: chanrobles virtual law libraryThe present appeals, all of which relate to the Insolvency of U. de Poli, have been argued together and as the principal questions involved are the same in all of them, the cases will be disposed of in one decision.chanroblesvirtualawlibrary chanrobles virtual law libraryThe insolvent Umberto de Poli was for several years engaged on an extensive scale in the exportation of Manila hemp, maguey and other products of the country. He was also a licensed public warehouseman, though most of the goods stored in his warehouses appear to have been merchandise purchased by him for exportation and deposited there by he himself.chanroblesvirtualawlibrary chanrobles virtual law libraryIn order to finance his commercial operations De Poli established credits with some of the leading banking institutions doing business in Manila at that time, among them the Hongkong & Shanghai Banking Corporation, the Bank of the Philippine Islands, the Asia Banking Corporation, the Chartered Bank of India, Australia and China, and the American Foreign Banking Corporation. The methods by which he carried on his business with the various banks was practically the same in each case and does not appear to have differed from the ordinary and well known commercial practice in handling export business by merchants requiring bank credits.chanroblesvirtualawlibrary chanrobles virtual law libraryDe Poli opened a current account credit with the bank against which he drew his checks in payment of the products bought by him for exportation. Upon the purchase, the products were stored in one of his warehouses and warehouse receipts issued therefor which were endorsed by him to the bank as security for the payment of his credit in the account current. When the goods stored by the warehouse receipts were sold and shipped, the warehouse receipt was exchanged for shipping papers, a draft was drawn in favor of the bank and against the foreign purchaser, with bill of landing attached, and the entire proceeds of the export sale were received by the bank and credited to the current account of De Poli.chanroblesvirtualawlibrary chanrobles virtual law libraryOn December 8, 1920, De Poli was declared insolvent by the Court of First Instance of Manila with liabilities to the amount of several million pesos over and above his assets. An assignee was elected by the creditors and the election was confirmed by the court on December 24, 1920. The assignee qualified on January 4, 1921, and on the same date the clerk of the court assigned and delivered to him the property of the estate.chanroblesvirtualawlibrary chanrobles virtual law libraryAmong the property taken over the assignee was the merchandise stored in the various warehouses of the insolvent. This merchandise consisted principally of hemp, maguey and tobacco. The various banks holding warehouse receipts issued by De Poli claim ownership of this merchandise under their respective receipts, whereas the other creditors of the insolvent maintain that the warehouse receipts are not negotiable, that their endorsement to the present holders conveyed no title to the property, that they cannot be regarded as pledges of the...