Scribd Logo
Upload

Welcome to Scribd!

  • Sayo JR

    Uploaded by

    Jim Paredes
    32 views2 pages
    This document summarizes a court case between the Philippine National Bank and Noah's Ark Sugar Refinery regarding ownership of sugar stocks. The Philippine National Bank had loaned money to Luis T. Ramos and Cresencia K. Zoleta, who used warehouse receipts for sugar stocks held by Noah's Ark as collateral. When the loans were not repaid, the Philippine National Bank demanded the sugar from Noah's Ark, who refused, claiming ownership. The court case addresses this dispute over ownership and Noah's Ark's refusal to relinquish the sugar stocks.

    Original Description:

    Original Title

    sayo jr

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    This document summarizes a court case between the Philippine National Bank and Noah's Ark Sugar Refinery regarding ownership of sugar stocks. The Philippine National Bank had loaned money to Luis T. Ramos and Cresencia K. Zoleta, who used warehouse receipts for sugar stocks held by Noah's Ark as collateral. When the loans were not repaid, the Philippine National Bank demanded the sugar from Noah's Ark, who refused, claiming ownership. The court case addresses this dispute over ownership and Noah's Ark's refusal to relinquish the sugar stocks.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    32 views2 pages

    Sayo JR

    Uploaded by

    Jim Paredes
    This document summarizes a court case between the Philippine National Bank and Noah's Ark Sugar Refinery regarding ownership of sugar stocks. The Philippine National Bank had loaned money to Luis T. Ramos and Cresencia K. Zoleta, who used warehouse receipts for sugar stocks held by Noah's Ark as collateral. When the loans were not repaid, the Philippine National Bank demanded the sugar from Noah's Ark, who refused, claiming ownership. The court case addresses this dispute over ownership and Noah's Ark's refusal to relinquish the sugar stocks.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 2

    FIRST DIVISION

    G.R. No. 129918 July 9, 1998


    PHILIPPINE NATIONAL BANK, Petitioner, v. HON. MARCELINO L.
    SAYO, JR., in his capacity as Presiding Judge of the Regional Trial
    Court of Manila (Branch 45), NOAH'S ARK SUGAR REFINERY,
    ALBERTO T. LOOYUKO, JIMMY T. GO and WILSON T. GO, Respondents.

    DAVIDE, JR., J.:


    In this special civil action for certiorari, actually the third dispute between
    the same private parties to have reached this Court, 1 petitioner asks us to
    annul the orders 2 of 15 April 1997 and 14 July 1997 issued in Civil Case No.
    90-53023 by the Regional Trial Court, Manila, Branch 45. The first order 3
    granted private respondents' motion for execution to satisfy their
    warehouseman's lien against petitioner, while the second order 4 denied,
    with finality, petitioner's motion for reconsideration of the first order and
    urgent motion to lift garnishment, and private respondents' motion for
    partial reconsideration.
    The factual antecedents until the commencement of G.R. No. 119231 were
    summarized in our decision therein, as follows:
    In accordance with Act No. 2137, the Warehouse Receipts Law, Noah's Ark
    Sugar Refinery issued on several dates, the following Warehouse Receipts
    (Quedans): (a) March 1, 1989, Receipt No. 18062, covering sugar deposited
    by Rosa Sy; (b) March 7, 1989, Receipt No. 18080, covering sugar
    deposited by RNS Merchandising (Rosa Ng Sy); (c) March 21, 1989, Receipt
    No. 18081, covering sugar deposited by St. Therese Merchandising; (d)
    March 31, 1989, Receipt No. 18086, covering sugar deposited by St.
    Therese Merchandising; and (e) April 1, 1989, Receipt No. 18087, covering
    sugar deposited by RNS Merchandising. The receipts are substantially in the
    form, and contains the terms, prescribed for negotiable warehouse receipts
    by Section 2 of the law.
    Subsequently, Warehouse Receipts Nos. 18080 and 18081 were negotiated
    and endorsed to Luis T. Ramos, and Receipts Nos. 18086, 18087 and 18062
    were negotiated and endorsed to Cresencia K. Zoleta. Ramos and Zoleta
    then used the quedans as security for two loan agreements - one for P15.6
    million and the other for P23.5 million - obtained by them from the
    Philippine National Bank. The aforementioned quedans were endorsed by
    them to the Philippine National Bank.
    Luis T. Ramos and Cresencia K. Zoleta failed to pay their loans upon
    maturity on January 9, 1990. Consequently, on March 16, 1990, the
    Philippine National Bank wrote to Noah's Ark Sugar Refinery demanding
    delivery of the sugar stocks covered by the quedans endorsed to it by
    Zoleta and Ramos. Noah's Ark Sugar Refinery refused to comply with the
    demand alleging ownership thereof, for which reason the Philippine National
    Bank filed with the Regional Trial Court of Manila a verified complaint for

    You might also like