Republic of the Philippines
G.R. No. 112191 February 7, 1997
FORTUNE MOTORS (PHILS.) CORPORATION and EDGAR L. RODRIGUEZA, petitioners,
THE HONORABLE COURT OF APPEALS and FILINVEST CREDIT CORPORATION, respondents.
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.