3. Saura Import v DBP

Saura Import vs DBP Credit Digest Saura Import & Export Co., Inc. -vsDBP GR No. L-249!, 2" #pr$% 9"2 44 SCR# 44 '#C(S Saura applied to the Rehabilitation Finance Corporation (RFC), before its conversion into DBP, DBP, for an industrial loan to be used for construction of factory building, for payment of the balance of the purchase price of the ute machinery and e!uipment and as additional "or#ing capital$ %n Resolution &o$', the loan application "as approved to be secured first by mortgage on the factory buildings, the land site, and machinery and e!uipment to be installed$

*he mortgage "as registered and documents for the promissory note "ere e+ecuted$ *he cancellation of the mortgage "as re!uested to ma#e "ay for the registration of a mortgage contract c ontract over the same property in favor of Prudential Ban# and *rust Co$, Co$, the latter having issued Saura S aura letter of credit for the release of the ute machinery$ s security, security, Saura e+ecute a trust receipt in favor of the Prudential$ For failure of Saura to pay said obligation, Prudential sued Saura$ fter - years after the mortgage "as cancelled, Saura sued RFc alleging failure to comply "ith tits obligations to release the loan proceeds, thereby prevented it from paying the obligation to Prudential Ban#$ *he trial court ruled in favor of Saura, ruling that there "as a perfected contract bet"een the parties ad that the RFC "as guilty guil ty of breach thereof$ ISS)E .hether or not there "as a perfected contract bet"een the parties$ *ELD *he Court held in the affirmative$ rticle '-/ provides0 n accepted promise to deliver something by "ay of commodatum or simple loan is binding upon the parties, but the commodatum or simple loan itself shall not be perfected until delivery of the obect of the contract$

*here "as undoubtedly offer and acceptance in the case$ .hen an application for a loan of money "as approved by resolution of the

respondent corporation and the responding mortgage "as e+ecuted and registered, there arises a perfected consensual contract$

lawphil.net

G.R. No. L-24968

Republic of the Philippines SUPREME COURT Manila EN BANC G.R. No. L-!"#$ %pri& '( )"' S%UR% IMPORT a*d E+PORT CO.( INC ., plaintiff-appellee, vs. DE,ELOPMENT B%N O T/E P/ILIPPINES( defendant-appellant.

 Mabanag, Eliger and Associates and Saura, Magno and Associates for plaintiff-appellee.  Jesus A. Avanceña and Hilario G. Orsolino for defendant-appellant. M%%LINT%L(  J.: p

In Civil Case No. 559! of the Cou"t of #i"st Instance of Manila, $ud%&ent 'as "ende"ed on (une )!, *9+5 sentencin% defendant evelop&ent Ban of the Philippines BP/ to pa0 actual and conse1uential da&a%es to plaintiff 2au"a I&po"t and E3po"t Co., Inc. in the a&ount of P4!4,44.+!, plus inte"est at the le%al "ate f"o& the date the co&plaint 'as filed and atto"ne06s fees in the a&ount of P5,.. 7he p"esent appeal is f"o& that $ud%&ent. In (ul0 *954 the plaintiff he"einafte" "efe""ed to as 2au"a, Inc./ applied to the Rehabilitation #inance Co"po"ation R#C/, befo"e its conve"sion into BP, fo" an indust"ial loan of P5,., to be used as follo's8 P)5,. fo" the const"uction of a facto"0 buildin% fo" the &anufactu"e of $ute sacs/ P),9. to pa0 the balance of the pu"chase p"ice of the $ute &ill &achine"0 and e1uip&ent and P9,*. as additional 'o"in% capital.

Pa"entheticall0, it &a0 be &entioned that the $ute &ill &achine"0 had al"ead0 been pu"chased b0 2au"a on the st"en%th of a lette" of c"edit e3tended b0 the P"udential Ban and 7"ust Co., and a""ived in avao Cit0 in (ul0 *954 and that to secu"e its "elease 'ithout fi"st pa0in% the d"aft, 2au"a, Inc. e3ecuted a t"ust "eceipt in favo" of the said ban. :n (anua"0 ;, *95 R#C passed Resolution No. *5 app"ovin% the loan application fo" P5,., to be secu"ed b0 a fi"st &o"t%a%e on the facto"0 buildin% to be const"ucted, the land site the"eof, and the &achine"0 and e1uip&ent to be installed. A&on% the othe" te"&s spelled out in the "esolution 'e"e the follo'in%8 *. 7hat the p"oceeds of the loan shall be utili