FORTUNE MOTORS (PHILS.) CORPORATION vs COURT OF APPEALS

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Republic of the Philippines
SUPREME COURT
Manila

THIRD DIVISION

G.R. No. 112191 February 7, 1997

FORTUNE MOTORS (PHILS.) CORPORATION and EDGAR L. RODRIGUEZA, petitioners,
vs.
THE HONORABLE COURT OF APPEALS and FILINVEST CREDIT CORPORATION, respondents.

PANGANIBAN, J.:

To fund their acquisition of new vehicles (which are later retailed or resold to the general public), car dealers normally enter into wholesale automotive financing schemes whereby vehicles are delivered by the manufacturer or assembler on the strength of trust receipts or drafts executed by the car dealers, which are backed up by sureties.

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IMELDA A. NAKPIL vs IAC

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Republic of the Philippines
SUPREME COURT
Manila

TAN CHUN TIC vs WEST COAST LIFE INSURANCE

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Republic of the Philippines
SUPREME COURT
Manila

GOBONSENG vs UNIBANCARD CORPORATION

 

Credit Card – Credit Card Fees –Interest Rate – Penalty

 

Gobonseng subscribed for a credit card with Unicard. The credit limit was P10k a month. The terms of the subscription are: that interest rate is at 3% per month; that penalty is at 5% per month; that in case of litigation, a penalty of 25% of the amount due for atty’s fees is to be required.

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Garcia vs Court of Appeals

Surety

 

In 1980, Dynetics Inc, through its president, acquired a P25M export loan from Security Bank. In 1982, a credit accommodation (SWAP loan) was opened by Security Bank in favor of Dynetics allowing it to acquire an additional $700k loan. This loan was secured by an Indemnity Agreement signed by Garcia acting as a surety. This loan was not availed of by Dynetics however.

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Spouses Bautista vs Pilar Development

 

Interest – Novation – CB Circular 905

 

In 1978, Bautista, a lawyer, acquired a loan (abt. P100k) from Apex Corp. The terms of the loan are: that interest rate is at 12% per yr; that interest rate may be increased/decreased by Apex if authorized by law; that there is a 10% penalty of the amount due in case of litigation; that no notice is needed in case Apex will assign the credit to another. These were all put into a promissory note.

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BULOS, JR. vs YASUMA

 

Contracts – Dacion en Pago – Indebtedness – CB Circular 905 – Interest Rate

 

In 1988, Bulos, Atty. Tabalingcos and Dr. Lim incurred a P2.5M loan from Yasuma, a Japanese national. The terms of the loan provide that it is payable in 3 months at 4% interest rate; that in case of nonpayment, it shall continue at that rate until paid or 48% per annum. And in case of litigation, plus 20% of principal balance for atty’s fees. Dr. Lim signed the promissory note in behalf of the others as agreed upon. Each of them mortgaged their respective properties in favor of Yasuma.

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Gaw vs Court of Appeals

 

Contract of Adhesion – Contract Binds Parties – Pre-Need Plan

 

Gaw bought a transferrable pre-need plan from Pacific Plans in 1982. The plan provides that in case of transfer, Pacific Plans have to be informed immediately; that it has the sole and exclusive right to deal with the funeral home; that Gaw has the right to pre-select a casket of her choice.

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Nicolas vs Del-Nacia Corporation

 

Land Purchase – Interest – Penalty Apart from Interest

 

Spouses Nicolas bought a parcel of land in Bulacan from Del Nacia via an Agreement. It was agreed that the downpayment would be P40k and the rest (P510k) would be payable in 120 months at about P9k/mo. inclusive of interest (18%/yr). No specific date of monthly payment was indicated but it said payment was to start on April 20, 1988. Also, arrears shall incur 18%/yr interest. On top of that would be 10% of the amount due for atty’s fees in case of default.

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METROPOLITAN BANK vs SPOUSES ELISA TAN AND ANTONIO TAN

 

Mortgage – Redemption

 

In 1974, the company co-owned by Tan, acquired a P250k loan from Metrobank. In 1976, the same company acquired another P150k loan from Metrobank. In 1979, it again got a P600k loan from Metrobank. These 3 loans were secured by a mortgage executed by spouses See in favor of Metrobank. See was not part of Tan’s company not until 1979 but they’ve been securing the loans. The loans were consolidated as a P1 Million loan in 1980 payable at P125k in 8 quarterly payments until fully paid.

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