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01 - Capital Insurance and Surety Co Vs Del Monte Works
01 - Capital Insurance and Surety Co Vs Del Monte Works
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* FIRST DIVISION.
BERSAMIN, J.:
Antecedents
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5 Id., at p. 13.
6 Id.
7 Id., at p. 95.
8 Id., at pp. 93-94.
9 Id., at pp. 96-97.
10 Id., at p. 98.
11 Id., at p. 35.
12 Id., at p. 14.
13 Id., at pp. 119-121.
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Decision of the CA
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Issues
II
THE COURT OF APPEALS ERRED IN RULING
THAT THE SECURITIES DEPOSITED BY THE
PETITIONER INSURANCE COMPANY MAY BE
THE SUBJECT OF LEVY IN CONTRAVENTION OF
SECTION 203 OF THE INSURANCE CODE.26
I.
Validity of the petitioner’s counterbond
Essentially, the petitioner, through the officers of its
Audit Department and its Manila Surety Service Office,
disputed the validity of CISCO Bond No. 00005/JCL(3) on
several grounds, namely: (1) under the petitioner’s rules,
any coverage exceeding P5,000,000.00 required the
approval of its
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27 Real v. Belo, G.R. No. 146224, January 26, 2007, 513 SCRA 111,
125.
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II.
The security deposit was immune
from levy of execution
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VOL. 777, DECEMBER 9, 2015 21
Capital Insurance and Surety Co., Inc. vs. Del Monte Motor
Works, Inc.
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