SALES Villanueva and Cortes

Villanueva vs. PNB G.R. No. 154493, December 6, 2006 !"#$%  The Special Assets Management Department (SAMD) of the the Phil Philip ippi pine ne Nati Nation onal al Bank Bank (PNB (PNB)) issu issued ed an advertisement for the sale of certain PNB properties in Calumpang Calumpang !eneral !eneral Santos Santos Cit" Cit" including including #ots $% and $& 'ith advertised oor prices of P$*&***+** and P,,-.***+** respectivel"+

/illanueva o0ered to purchase the lots for P1P1-%% %%* *** **+* +**+ *+ 2e also also ma mani nife fest sted ed that that he 'a 'as s depositin depositing g P***** P*****+** +** to sho' his good faith 3ut 'ith 'ith the understa understandi nding ng that that said said amo amount unt ma" 3e treated as part of the pa"ment of the purchase price onl" 'hen his o0er is accepted 3" PNB+ At the 3ottom of said letter there appears an unsigned marginal note stating that P*****+** P*****+** 'as deposited into /illanue /illanueva4s va4s account account 'ith PNB5!eneral PNB5!eneral Santos Santos Branch+ PNB for'a for'ard rded ed the letter letter of /illa /illanue nueva va to 6am amon on !uev !uevar ara a /ice /ice Presid esiden ent t SAMD SAMD++ !uevara informed /illanueva that onl" #ot No+ $& is avai availa la3l 3le e and and that that the the aski asking ng pric price e therefor therefor is P,..11 P,..11**+* **+**+ *+ !uevara !uevara further further 'rote7 8f our 9uoted 9uoted price price is accept accepta3l a3le e to "ou please su3mit a revised o0er to purchase+ Sale shall 3e su3:ect to our Board Boa rd of Dire Directo ctor4s r4s appro approva vall and to other terms and conditions conditions imposed 3" the the Bank on sal sale of ac9u ac9uir ire ed assets+ 8nstea 8nstead d of su3mit su3mittin ting g a revi revised sed o0e o0er r /illa /illanuev nueva a merel" inserted at the 3ottom of !uevara4s letter a marginal note 'hich reads7 C;N