Category: Mercantile Law

— Mercantile Law —

Transfield Philippines, Inc. v. Luzon Hydro Corporation, G.R. No. 146717, Nov. 22, 2004 “Independence Principle” and “Fraud Exception Rule” in Letters of Credit

June 24, 2020

FACTS: Petitioner and respondent LHC entered into a Turnkey Contract whereby petitioner, was given the sole responsibility for the design, construction, commissioning, testing and completion of the a seventy (70)-Megawatt hydro-electric power station Project. To secure performance of petitioner’s obligation on or before the target completion date, petitioner opened in favor of LHC two (2)… Read More Transfield Philippines, Inc. v. Luzon Hydro Corporation, G.R. No. 146717, Nov. 22, 2004 “Independence Principle” and “Fraud Exception Rule” in Letters of Credit

— Mercantile Law —

BANK OF COMMERCE v. TERESITA S. SERRANO G.R. NO. 151895 February 16, 2005 Letter of Credit vs. Trust Receipt

June 23, 2020

FACTS: Via Moda International, represented by respondent Serrano, as its General Manager and Treasurer, obtained an export packing loan from petitioner BOC, secured by a Deed of Assignment over Irrevocable Transferable Letter of Credit.  BOC issued to Via Moda an irrevocable Letter of Credit for the purchase and importation of fabric and textile products from… Read More BANK OF COMMERCE v. TERESITA S. SERRANO G.R. NO. 151895 February 16, 2005 Letter of Credit vs. Trust Receipt

— Mercantile Law —

RELIANCE COMMODITIES, INC. v. DAEWOO INDUSTRIAL CO., LTD. Letter of Credit as a Mode of Payment

June 17, 2020

FACTS: On 9 January 1980, petitioner Reliance, as buyer, and respondent Daewoo, as seller, entered into a contract of sale of 2,000 metric tons of foundry pig iron. Upon arrival in Manila, the subject cargo was found to be short of 135.655 metric tons. Only 1,864.345 metric tons were discharged and delivered to Reliance. On… Read More RELIANCE COMMODITIES, INC. v. DAEWOO INDUSTRIAL CO., LTD. Letter of Credit as a Mode of Payment

— Bar Q & A, Corporation Law, Insurance, Intellectual Property Law, Mercantile Law —

SUGGESTED ANSWERS TO THE 2014 BAR EXAMINATION QUESTIONS IN MERCANTILE LAW

May 18, 2020

UP Law Center I. Carlo and Bianca met in the La Boracay festivities. Immediately, they fell in love with each other and got married soon after. They have been cohabiting blissfully as husband and wife, but they did not have any offspring. As the years passed by, Carlo decided to take out an insurance on… Read More SUGGESTED ANSWERS TO THE 2014 BAR EXAMINATION QUESTIONS IN MERCANTILE LAW

— Civil Law, Mercantile Law, Remedial Law —

MCC INDUSTRIAL SALES CORP. v. SSANGYONG CORP. G.R. No. 170633, October 17, 2007 R.A. No. 8792 [Electronic Commerce Act of 2000], Best Evidence Rule, Obligations and Contracts, Sale

April 1, 2020

FACTS:  Petitioner MCC is a domestic corporation, engaged in the business of importing and wholesaling stainless steel products, while respondent Ssangyong Corporation, an international trading company with head office in Seoul, South Korea, is one of its suppliers.  The two corporations conducted business through telephone calls and facsimile or telecopy transmissions. Ssangyong would send the… Read More MCC INDUSTRIAL SALES CORP. v. SSANGYONG CORP. G.R. No. 170633, October 17, 2007 R.A. No. 8792 [Electronic Commerce Act of 2000], Best Evidence Rule, Obligations and Contracts, Sale

— Corporation Law, Mercantile Law —

40 FREQUENTLY ASKED PROVISIONS OF THE REVISED CORPORATION CODE [Updated]

March 6, 2020

SECTION. 1. Title of the Code. – This Code shall be known as the “Revised Corporation Code of the Philippines”. SEC. 2. Corporation Defined. – A corporation is an artificial being created by operation of law, having the right of succession and the powers, attributes, and properties expressly authorized by law or incidental to its… Read More 40 FREQUENTLY ASKED PROVISIONS OF THE REVISED CORPORATION CODE [Updated]

— Banking, Mercantile Law —

PNB v. Santos G.R. No. 208293 December 10, 2014 Standard of Diligence Required of Banks, Fiduciary Nature of Banking [J. Leonen]

March 5, 2020

FACTS: Respondents discovered that their deceased father Angel C. Santos, maintained a premium savings account amounting to 1,759,082.63, and a time deposit account of 1,000,000.00 with PNB Sta. Elena-Marikina City Branch. Lina B. Aguilar, the Branch Manager thereof, required them to submit the: (1) original or certified true copy of the Death Certificate of Angel… Read More PNB v. Santos G.R. No. 208293 December 10, 2014 Standard of Diligence Required of Banks, Fiduciary Nature of Banking [J. Leonen]

— Corporation Law, Mercantile Law —

MR Holdings v. Sheriff Carlos P. Bajar G.R. No. 138104 April 11, 2002 Foreign Corporation “Doing Business” in the Philippines 

February 28, 2020

FACTS: Asian Development Bank (ADB) extended a loan to Marcopper Mining Corp. to finance the latter’s mining project. ADB and Placer Dome, Inc., a foreign corporation which owns 40% of Marcopper, executed a “Support and Standby Credit Agreement” whereby the latter agreed to provide Marcopper with cash flow support for the payment of its obligations… Read More MR Holdings v. Sheriff Carlos P. Bajar G.R. No. 138104 April 11, 2002 Foreign Corporation “Doing Business” in the Philippines 

— Banking, Mercantile Law —

Marquez v. Disierto G.R. No. 135882 June 27, 2001 Secrecy of Bank Deposits Law (R. A. No. 1405), The Ombudsman Act

February 23, 2020

FACTS: Petitioner Marquez received an Order from the Ombudsman Aniano A. Desierto, to produce several bank documents for purposes of inspection in camera relative to various accounts maintained at Union Bank, Julia Vargas Branch, where petitioner is the branch manager. The accounts to be inspected are those involved in a case pending with the Ombudsman… Read More Marquez v. Disierto G.R. No. 135882 June 27, 2001 Secrecy of Bank Deposits Law (R. A. No. 1405), The Ombudsman Act