Naguiat Vs CA
Naguiat Vs CA
October 3, 2003]
dated 11 August 1980 and for the amount of Ninety Five Thousand
Pesos (P95,000.00). The proceeds of these checks were to
constitute the loan granted by Naguiat to Queao.
[3]
TINGA, J.:
[5]
[2]
Upon presentment on its maturity date, the Security Bank check was
dishonored for insufficiency of funds. On the following day, 12
September 1980, Queao requested Security Bank to stop payment
of her postdated check, but the bank rejected the request pursuant to
its policy not to honor such requests if the check is drawn against
insufficient funds.
[6]
Queao applied with Naguiat for a loan in the amount of Two Hundred
Thousand Pesos (P200,000.00), which Naguiat granted. On 11
August 1980, Naguiat indorsed to Queao Associated Bank Check
No. 090990 (dated 11 August 1980) for the amount of Ninety Five
Thousand Pesos (P95,000.00), which was earlier issued to Naguiat
by the Corporate Resources Financing Corporation. She also issued
her own Filmanbank Check No. 065314, to the order of Queao, also
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[4]
Transfer Certificates of Title Nos. 28631 and 28632, issued by the Register of
Deeds for District IV (Pasay City) of Metro Manila, with a total area of Six
Hundred Thirty One (631) Square Meters. Rollo, p. 97.
[5]
Rollo, p. 98. According to Queao, the true agreement between the parties was
an interest rate of 5% per month.
[6]
Id., p. 99. Queao alleged that she made the stop payment request because she
was withdrawing her loan application as she failed to receive the loan
proceeds which were supposed to be covered by Naguiats checks that
were turned not to her but to Ruby Ruebenfeldt, who purportedly was an
agent of Naguiat. Queao claimed further that Naguiat demanded additional
collaterals and instructed Ruebenfeldt to surrender the checks to Queao
only upon receipt of the additional security.
[7]
Id., p. 99. Queao claimed further that Naguiat demanded additional collaterals
and instructed Ruebenfeldt to surrender the checks to Queao only upon
receipt of the additional security.
[29]
SO ORDERED.
[3]