Where a corporation buys all the shares of another corporation, this will not operate to dissolve the other corporation and as the two corporations still maintain their separate corporate entities, one will not answer for the debts of the other.
On 16 FebruaryDr. Payment of the loans was guaranteed bymortgage on realproperty. On 6 DecemberSalvacion F. Vda de Eduque, as administratrix of theestate of Dr. Ocampo, who refused payment. After trial, judgment was rendered against Ocampo compelling himto accept the amount,to pay the expenses of consignation, etc.
Ocampo accepted the judgment as to thesecond loan but appealed asto the first loan. Negotiable Instruments Case Digest: A contract over the land was executed between the Roman Catholic Bishop of Malolos bishop as vendor and the through its then president, Mr.
The contract likewise provides for cancellation, forfeiture of previous payments, and reconveyance of the land in case of failure to pay within the period March 12, Adalia Francisco, addressed a letter 6 to Father Vasquez, parish priest of San Jose Del Monte, Bulacan, requesting to be furnished with a copy of the subject contract and the supporting documents July 17, Francisco wrote the formal request that her company be allowed to pay the principal amount of P, in 3 equal installments of 6 months each with the 1st installment and the accrued interest of P24, to be paid immediately upon approval July 29, Bishop through its counsel, Atty.
Carmelo Fernandez, formally denied the request but granted a grace period of 5 days from the receipt of the denial to pay the total balance of P, August 4, Francisco, wrote the counsel of the petitioner requesting an extension of 30 days from to fully settle its account.
Tender of payment cannot be presumed by a mere inference from surrounding circumstances.
Sheer proof of sufficient available funds to meet more than the total obligation within the grace period - NOT sufficient On the contrary, the respondent court finds itself remiss in overlooking or taking lightly the more important findings of fact made by the trial court which are entitled to great weight on appeal and should be accorded full consideration and respect and should not be disturbed unless for strong and cogent reasons certified personal check which is not legal tender nor the currency stipulated, and therefore, can not constitute valid tender of payment.
Since a negotiable instrument is only a substitute for money and not money, the delivery of such an instrument does not, by itself, operate as payment.
Respondent Sima Wei executed and delivered to petitioner Bank a promissory note engaging to pay the petitioner Bank or order the amount of P1, Sima Wei subsequently issued two crossed checks payable to petitioner Bank drawn against China Banking Corporation in full settlement of the drawer's account evidenced by the promissory note.
These two checks however were not delivered to the petitioner-payee or to any of its authorized representatives but instead came into the possession of respondent Lee Kian Huat, who deposited the checks without the petitionerpayee's indorsement to the account of respondent Plastic Corporation with Producers Bank.
Inspite of the fact that the checks were crossed and payable to petitioner Bank and bore no indorsement of the latter, the Branch Manager of Producers Bank authorized the acceptance of the checks for deposit and credited them to the account of said Plastic Corporation.
Whether petitioner Bank has a cause of action against Sima Wei for the undelivered checks? A negotiable instrument must be delivered to the payee in order to evidence its existence as a binding contract.
Section 16 of the NIL provides that every contract on a negotiable instrument is incomplete and revocable until delivery of the instrument for the purpose of giving effect thereto. Thus, the payee of a negotiable instrument acquires no interest with respect thereto until its delivery to him.
Without the initial delivery of the instrument from the drawer to the payee, there can be no liability on the instrument. Petitioner however has a right of action against Sima Wei for the balance due on the promissory note.
A suit of collection of sum of money was filed by Eden Tan against the spouses.
A writ of attachment was issued, the Deputy Sheriff filed a return stating that a deposit made by Tibajia in the amount of P, in another case, had been garnished by him. Court of Appeals modified the decision by reducing the amount for damages. Tibajia Spouses delivered to Sheriff Bolima the total money judgment of P Tan refused to accept the payment and insisted that the garnished funds be withdrawn to satisfy the judgment obligation.
The decision of the court of Appeals is affirmed. Petitioner is a quasi-banking institution involved in money market transactions.
Alegre invested with petitioner P, Petitioner issued then a promissory note, which would mature approximately after a month. On the maturity of the note, petitioner issued a check payable to Alegre, covering the whole amount due.
When the wife of Alegre tried to deposit the check, the bank dishonored the check. Petitioner was notified of this matter and Alegre demanded the immediate payment in cash.United States: Little Rock (Ar) Lubeck, Germany; Sao Jose Dos Pinhais, Brazil; Overland Park (Ks), United States.
petitioner corporation. In his answer to the petition, the respondent asserted the validity of the said meeting and prayed, by way of counterclaim, for the nullification of the October 20, meeting of the petitioners, and for damages.
In contrast, the respondent alleged in his letter-. Ang Lian Seng v Teo Kim Geok & Anor  MLJ lix — 6  Athimoolam Govindasamy v Chong Lai Thin  MLJ lxxiv — 6  Au Kee Tuang v Lightweight Concrete Pte Ltd  2 . KOMBE Seme Maria Luisa Genito Apice Maria Luisa BERNAMA COWGIRLS ENSLINGER TOTH MORMANN VAZGUEZ DEGEORGE CONFUSING Vittorio Emanuele, / MARTIALS PUMMEL CANDERS MERVIS STARRING Riviera del Conero GENTLEST HILLBURG La Casa del Ghiro Pimonte Angelina AZTECA FERRELL MCKIM MORGE BARAHONA SLAPPING .
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