ANSALDO V.

CA, 177 SCRA 8

FACTS:
TFC issued promissory notes in favor of PCIB. At about the same time, TFC extended loans to Ansaldo and
Reyes. These loans were evidenced by promissory notes, each waiving demand, presentment, protest, and notice
of protest and non-payment. TFC then paid part of its obligation with
PCIB. To pay for its outstanding balance, it endorsed the notes issued by Ansaldo and Reyes. Claiming that the
notes have matured without payment by Ansaldo and Reyes, the bank instituted actions against them.

HELD:
The contention of Ansaldo that the instrument should have been first presented to him is bereft of merit.
First, it couldnt be first raised on appeal.
Second, it is a petty issue for if according to him, such an exhibition was needed to give him opportunity to
determine the genuineness of the instrument, this was rendered unnecessary not only by his omission to
contest it, but also by his admission of the authenticity of the note implicit from his averment that he made substantial
payments thereon and second, he made a waiver of demand, presentment, etc.