Home Bankers Savings V CA
Home Bankers Savings V CA
Home Bankers Savings V CA
FACTS:
Victor Tancuan issued Petitioner Home Bankers Savings and Trust Company
a check while Eugene Arriesgado issued Private Respondent Far East Bank
and Trust Company three checks; both checks totaling the amount of
P25,250,000.00. Tancuan and Arriesgado exchanged each other’s checks
and deposited them with their respective banks for collection. When FEBTC
presented Tancuan’s HBSTC check for clearing, it was dishonored for being
DAIF.
While the arbitration proceeding was still pending, FEBTC filed an action for
sum of money and damages with preliminary attachment against HBSTC.
HBSTC moved to dismiss on the ground that there is no cause of action and
because it seeks to enforce an arbitral award which as yet does not exist.
The trial court denied the motion to dismiss and the motion for
reconsideration. Petitioner then filed a petition for certiorari with respondent
CA to which it had dismissed.
ISSUE:
Whether private respondent which commenced an arbitration proceeding
under the auspices of the PCHC may subsequently file a separate case in
court over the same subject matter despite the pendency of that arbitration,
simply to obtain the provisional remedy of attachment against the adverse
party in the arbitration proceeding.
HELD: