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CA Date of Promulgation: 26 June 1992 Nature: Appeal by certiorari to review the decision of Court of Appeals Facts: Petitioner was in process of putting up a car repair shop sometime in April 1983, but he did not have complete equipment that could make his venture workable. He lacked funds to purchase necessary equipment. He approached Corazon Teng, VP of Mancor Industries, a distributor of equipment who referred him to LS Finance A lease/purchase agreement specifying a warranty deposit (29,790) of 30% for Magno to put up. Claimino lg he could not afford it, Magno asked LS Finance to find a 3rd party lender to lend him the amount. LENDER = TENG, specified a 3% interest on short term loan. Magno issued postdated checks to LS Finance, who gave it to Teng. When check matured, Magno said he could not cover it and he was not banking with Pacific Bank anymore. In lieu, he issued 6 check - first 2 checks honored, last 4 in question. When business failed, Magno could no longer pay rent to LS Finance, LS pulled out equipment. Magno promised to pay the rest of the warranty deposit, but the remaining checks were no longer honored due to closed account. He was convicted of four counts of violating BP 22. CA affirmed this decision because issuing a bouncing check is a crime ISSUE: (1) WON Magno is guilty of violating B.P. 22 upon review (2) WON post-dated checks were drawn or issued "to apply on account or for value", as required under Section 1 of B.P. Blg, 22. Ruling: Decision REVERSED, accused-petitioner, ACQUITTED Held: