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    Obligations and Contracts: FEBLE, Karen Gail B

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    Gin Francisco
    - Eastern and Lim held a joint bank account with CBI, the predecessor of RBI. In March 1973, Marino Velasco opened a joint checking account with Lim with an initial deposit of 120k from Eastern and Lim's joint account. - Various amounts were deposited or withdrawn from the joint account of Velasco and Lim. When Velasco died in 1977, the outstanding balance was 662,322.87. Half was provisionally released to one of Eastern's accounts. - In 1978, Eastern obtained a 73k loan from CBI, secured by a promissory note and a holdout agreement on the disputed joint account of Velasco and Lim. - The heirs of Velasco withdrew the

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    Obligations and Contracts: FEBLE, Karen Gail B

    Uploaded by

    Gin Francisco
    60 views1 page
    - Eastern and Lim held a joint bank account with CBI, the predecessor of RBI. In March 1973, Marino Velasco opened a joint checking account with Lim with an initial deposit of 120k from Eastern and Lim's joint account. - Various amounts were deposited or withdrawn from the joint account of Velasco and Lim. When Velasco died in 1977, the outstanding balance was 662,322.87. Half was provisionally released to one of Eastern's accounts. - In 1978, Eastern obtained a 73k loan from CBI, secured by a promissory note and a holdout agreement on the disputed joint account of Velasco and Lim. - The heirs of Velasco withdrew the

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    Obligations and Contracts

    Original Title

    28-5 BPI v. CA

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    - Eastern and Lim held a joint bank account with CBI, the predecessor of RBI. In March 1973, Marino Velasco opened a joint checking account with Lim with an initial deposit of 120k from Eastern and Lim's joint account. - Various amounts were deposited or withdrawn from the joint account of Velasco and Lim. When Velasco died in 1977, the outstanding balance was 662,322.87. Half was provisionally released to one of Eastern's accounts. - In 1978, Eastern obtained a 73k loan from CBI, secured by a promissory note and a holdout agreement on the disputed joint account of Velasco and Lim. - The heirs of Velasco withdrew the

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    60 views1 page

    Obligations and Contracts: FEBLE, Karen Gail B

    Uploaded by

    Gin Francisco
    - Eastern and Lim held a joint bank account with CBI, the predecessor of RBI. In March 1973, Marino Velasco opened a joint checking account with Lim with an initial deposit of 120k from Eastern and Lim's joint account. - Various amounts were deposited or withdrawn from the joint account of Velasco and Lim. When Velasco died in 1977, the outstanding balance was 662,322.87. Half was provisionally released to one of Eastern's accounts. - In 1978, Eastern obtained a 73k loan from CBI, secured by a promissory note and a holdout agreement on the disputed joint account of Velasco and Lim. - The heirs of Velasco withdrew the

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    Obl i gati ons and Contracts

    FEBLE, Karen Gail B.



    "# $# %&# '()*'+ ,-. '(/ '00)
    12%3 45 678 97:;:99:%8 :<;2%=< >?@AAB??&CDEFDEFGBCB?G &H I4,,8$I:2; 12%3 2%= 6$J<6 I4#/ !"#$#$%&"'
    K?#
    I2/ 82<68$% 9;LM44= I4$9#/ -FN 18%:"%4 =# ;:, '"(!%&)"&#(*

    %26J$8 45 678 I2<8O eLlLlon for 8evlew
    52I6<O
    LasLern and Llm held aL leasL 1 [olnL bank accounL wlLh C81C, Lhe predecessor-ln-lnLeresL of 8l.
    SomeLlme ln March 1973, Marlano velasco opened a [olnL checklng accounL wlLh Llm ln Lhe amounL of 120k. 1he sald
    accounL conLalns funds wlLhdrawn from Lhe [olnL accounL of LasLern and Llm.
    varlous amounLs were laLer deposlLed or wlLhdrawn from Lhe [olnL accounL of velasco and Llm.
    When velasco dled ln 4/7/1977, Lhe ouLsLandlng balance of Lhe accounL ls 662,322.87.
    Cn 3/3/1977, on-half of Lhe sald amounL was provlslonally released and Lransferred Lo one of Lhe bank accounLs of of
    LasLern wlLh C81C.
    Cn 8/18/1978, LasLern obLalned a loan of 73k from C81C, payable on demand wlLh lnLeresL of 14 per annum. lor
    Lhls loan, LasLern lssued a negoLlable promlssory noLe for 73k, payable on demand wlLh lnLeresL aL 14 per annum.
    ln Lhe ulsclosure SLaLemenL, Lhe box wlLh prlnLed word unsecured" was marked x" whlle Lhe llne wlLh Lhe words
    Lhls loan ls wholly/parLlally secured by PoldouL AgreemenL" whlch refers Lo Lhe [olnL accounL of velasco and Llm
    wlLh a balance of 331,261.44.
    LasLern and Llm, and C81C slgned anoLher documenL enLlLled PoldouL AgreemenL" LhaL serves as a securlLy for Lhe
    loan. C81C accepLs a holdouL on sald [olnL accounL of velasco and Llm Lo Lhe full exLenL of Lhelr alleged lnLeresLs as
    Lhese may appear as a resulL of flnal and deflnlLlve [udlclal acLlon or seLLlemenL beLween and among Lhe conLesLlng
    parLles.
    ln Lhe meanLlme, a seLLlemenL case of velasco's esLaLe was flled. ln Lhe case, Lhe whole amounL of 331, 261.44 was
    belng clalmed as parL of velasco's esLaLe. Cn 9/9/1986 Lhe lnLesLaLe courL granLed urgenL moLlon of Lhe helrs of
    velasco Lo wlLhdraw Lhe deposlL under Lhe [olnL accounL and Lo dlvlde lL among Lhemselves.
    SomeLlme ln 1980, C81C was merged wlLh 8l. Cn 12/2/1987, 8l flled a complalnL demandlng Lhe paymenL of Lhe
    73k loan of LasLern and Llm. ln Lurn, LasLern and Llm flled a counLerclalm for Lhe reLurn of Lhe balance ln Lhe
    dlspuLed accounL sub[ecL of Lhe PoldouL AgreemenL and Lhe lnLeresLs afLer deducLlng Lhe amounL due on Lhe
    promlsory noLe.
    1C: dlsmlssed Lhe complalnL of 8l and furLher ruled LhaL Lhe promlssory noLe was sub[ecL Lo Lhe holdouL agreemenL
    and LhaL lL was 8l's duLy Lo deblL Lhe accounL of Lhe defendanLs under Lhe promlssory noLe. As Lo Lhe defendanL's
    counLerclalm, lL was denled because Lhe amounL was already wlLhdrwn by Lhe helrs of velasco.
    CA: afflrmed Lhe declslon of Lhe 1C. Cn 3/6/1992 CA rendered and Amended ueclslon whereln lL ruled LhaL Lhe
    seLLlemeneL of velasco's esLaLe has noLhlng Lo do wlLh Lhe clalm of Llm and LasLern. lurLhermore, Llm and LasLern
    are deposlLors (hecne, credlLors) of C81C, Lhus, C81C should have proLecLed Lhe defendanL's lnLeresL.
    Cn 4/22/1992, 8l flled a peLlLlon alleglng LhaL Lhe PoldouL AgreemenL was sub[ecL Lo a suspenslve condlLlon hence,
    lL was nC1 Lhe duLy of C81C Lo deblL Lhe acounL of Llm and LasLern.

    :<<J8O
    WheLher 8l can demand paymenL of Lhe loan of 73k desplLe Lhe exlsLence of Lhe PoldouL AgreemenL
    WheLher 8l ls sLlll llable Lo Lhe prlvaLe respondenLs on Lhe accounL sub[ecL Lo PoldouL AgreemenL afLer wlLhdrawal
    by Lhe helrs of velasco

    <IO
    8l as successor-ln-lnLeresL of C81C had every rlghL Lo demand paymenL from Llm and LasLern. lL cannoL be
    compelled Lo reLaln and Lo apply Lhe deposlL ln Llm and velasco's [olnL accounL Lo Lhe paymennL of Lhe noLe.
    Accordlng Lo Lhe PoldouL AgreemenL, C81C ls noL ln any way precluded from demandlng paymenL from LasLern.
    1he counLerclalm of Llm and LasLern for Lhe reLurn of Lhe 331,261.44 was equlvalenL Lo a demand LhaL Lhey be
    allowed Lo wlLhdraw Lhelr deposlL wlLh Lhe bank. 8l cannoL be relleved of lLs duLy Lo pay LasLern because lL already
    allowed Lhe helrs Lo wlLhdraw Lhe whole balance of Lhe accounL. 1he courL order was Lo auLhorlzed Lhe helrs Lo
    wlLhdraw and nC1 Lo release Lhe accounL Lo Lhe helrs. 1hus, 8l has sLlll Lhe obllgaLlon Lo pay Llm and LasLern Lhe
    331, 261.44.

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