[ G.R. Nos. 21000, 21002-21004, and 21006,. December 20, 1924 ]

[ G.R. Nos. 21000, 21002-21004, and 21006,. December 20, 1924 ]

[ G.R. Nos. 21000, 21002-21004, and 21006,. December 20, 1924 ]

IN THE MATTER OF THE INVOLUNTARY INSOLVENCY OF UMBERTO DE POLI. BANK OF THE PHILIPPINE ISLANDS ET AL., CLAIMANTS AND APPELLEES, VS. J. R. HERRIDGE, ASSIGNEE OF THE INSOLVENT ESTATE OF U. DE POLI, BOWRING & CO., C. T. BOWRING & CO., LTD., AND T. R. YANGCO, CREDITORS AND APPELLANTS.

D E C I S I O N

OSTRAND, J.:

1. Written Instruments; Construction.—Whenever possible, writings must be so construed as to give effect to their general intent and so as to avoid absurdities.

2. Warehouse Receipts; Construction.—As instruments of credit, warehouse receipts play an important role in modern commerce and the present day tendency of the courts is towards a liberal construction of the law in favor of bona fide holders of such receipts.

Street, Malcolm, Avanceña, Villmor, and Romualdez, JJ., concur.