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CREDIT TRANSACTIONS - PART II.

I. General Bonded Warehouse and Warehouse Receipts


 Act Nos. 2137, 3893

1. General Concepts
2. Obligations and Rights of a Warehouseman
a. Obligation to Deliver
b. Liability for Goods
c. Warehouseman’s Lien
3. Negotiation and Transfer
4. Criminal Liability
5. General Bonded Warehouses
Cases:
Alfredo N. Cruz v. Jose M. Valero, G.R. No. L-2826 / 89 Phil 260, 11 June
1951;
 American Foreign Banking Corporation v. J.R. Herridge, G.R. No. L-
21005 / 49 Phil 975, 20 December 1924;
 Bank of the Philippines Islands v. J.R. Herridge, G.R. Nos. L- 21000,
21002-04 and 21006 / 47 Phil 57, 20 December 1924;
 Commissioner of Internal Revenue v. Hawaiian-Philippines Company, G.R.
No. L-16315 / 11 SCRA 256, 30 May 1964;
 Consolidated Terminals, Inc. v. Artex Development Co., Inc.,
supra.;
 DMG Incorporated v. Consolidated Terminals Inc., G.R. No. 34331-R / 8
CA Rep. 678, 30 October 1965;
 Felisa Roman v. Asia Banking Corporation, G.R. No. L-17825 / 46 Phil
705, 26 June 1922;
 Jose P. Martinez v. Philippine National Bank, G.R. No. L-4080 / 93 Phil
756, 21 September 1953;
 Liberata Antonio Estrada v. Court of Agrarian Relations, G.R. Nos.
L- 17481 and L17537-59 / 2 SCRA 986, 15 August 1961;
 Lua Kian v. Manila Railroad Company, G.R. No. L-23033 / 19 SCRA
5, 5 January 1967;
 Philippine National Bank v. Hon. Benito C. Se, G.R. No. 119231 / 256
SCRA 380, 18 April 1996;
 Philippine National Bank v. Hon. Marcelino L. Sayo, Jr., G.R. No.
129918 / 292 SCRA 202, 9 July 1998;
 Philippine National Bank v. Laureano Atendido, G.R. No. L-6342 / 94 Phil
255, 26 January 1954;
 Philippine National Bank v. Noah’s Ark Sugar Refinery, G.R. No. 107243 /
226 SCRA 36 1 September 1993;
 Philippine National Bank v. Producers’ Warehouse Association, G.R. No. L-
16510 / 42 Phil 608, 9 January 1922;
 Ramon Gonzalez v. Co Thiong, G.R. No. L-11776 / 164 Phil 492, 30
August 1958;
 Siy Cong Bieng & Co., Inc. v. Hong Kong & Shanghai Banking
Corporation, G.R. No. L34655 / 56 Phil 598, 5 March 1932;
II. Letters of Credit

A. General Concepts, Code of Commerce, Art. 567, Art. 568, Art. 2


Transfield Philippines, Inc. v. Luzon Hydro Corporation Australia, et al., G.R.
No. 146717, November 22, 2004, 443 SCRA 307.
Metropolitan Waterworks and sewarage System vs. Daway, G.R. No.160732,
June 21, 2004
B. Parties to a Letter of Credit; Rights and Obligations
Transfield Philippines, Inc. vs. Luzon Hydro Corp. (supra)
Feati Bank & Trust Co. vs. Ca, G.R. No. 94209, Ap[ril 30, 1991
Kronman and Co., Inc. v. Public National Bank of New York, 218 N.Y.S. 616 [1926];
Shaterian, Export-Import Banking, p. 292, cited in Agbayani, Commercial Laws of the
Philippines, Vol. 1, p. 76
Scanlon v. First National Bank of Mexico, 162 N.E. 567 [1928]; Shaterian, Export-
Import Banking, p. 293, cited in Agbayani, Commercial Laws of the Philippines, Vol. 1,
p. 76)
C. Kinds of Letters of Credit
1. Commercial Letters of Credit
2. Standby Letters of Credit
D. Rule of Strict Compliance
E. Independence Principle

III. Trust Receipts

A. General Concepts, P.D. No. 115, Sec. 3, Sec. 4


B. Form of Trust Receipts, Sec. 5, Sec. 6
C. Rights of Entruster, Sec. 7, Sec. 8
D. Obligations of Entrustee, Sec. 9 to 13
E. Rights of Purchaser, Sec. 11
Colinares & Veloso v. Court of Appeals, G.R. No. 90828, September 5,
2000, 339 SCRA 609.
Development Bank of the Philippines v. Prudential Bank, G.R. No. 143772,
Nov. 22, 2005
Landl & Company (Phil.) Inc., et al v. Metropolitan Bank, G.R. No. 159622,
July 30, 2004
Anthony L. Ng v. People of the Philippines, G.R. NO. 173905, April 23, 2010

IV. Security Transactions

A. The Concept of Security


1. General Concepts
a. Distinguished from Securities, R. A. No. 8799, Sec. 3.1
b. Distinguished from Securitization
2. Events of Default
3. Kinds of Security Transactions
A. Personal Security Transactions
a. Guaranty
b. Suretyship
B. Real Security Transactions
a. Pledge
b. Real Estate Mortgage
c. Chattel Mortgage
d. Antichresis
4. Characteristics of Guaranty and Suretyship
• Republic Act No. 8799, Sec. 3.1
•  Republic Act No. 10142, Sec. 4 (p) (ll) (kk) (jj) (qq) (pp) (t)
Pacific Banking Corp. vs. IAC, G.R. No. 72275 November 13, 1991

IV. Guaranty
A. General Concepts, Art. 2047, Art. 2048, Art. 2051
Piczon vs. Piczon, G.R. No. L-29139 November 15, 1974
Severino vs. SeverinoG.R. No. 34642, September 24, 1931
B. Form of Guaranty, Art. 2055, Art. 1403
Macondray & Co. vs. Pinon 2 Scra 1109, August 31, 1961
Wise & Co., Inc. vs. Tanglao 63 PHIL. 372 August 29, 1936
Solon vs. Solon 64 Phil. 729 September 9, 1937
C. Obligations Secured, Art. 2052 to 2054
PNB vs. Luzon Surety Co., Inc., G.R. No. L-29587 November 28, 1975

D. Parties to a Guaranty, Art. 2056. Art. 2057, Art. 2049, Art. 2064, Art. 2065
Texas Co. vs. AlonzoG.R. No. L-47495 , August 14, 1941

E. Benefit of Excussion, Art. 2058 to 2064, Art. 2081


Tupaz IV & Tupaz v. Court of Appeals & Bank of the Philippine Islands, G.R.
No. 145578, November 18, 2005, 475 SCRA 398.
De Guzman vs. Santos, G.R. No. L-45571, June 30, 1939

F. Right to Protection, Art. 2071


G. Right to Indemnification, Art. 2066, Art. 2050, Art. 1236, Art. 2069, Art.
2070, Art. 2072
H. Right to Subrogation, Art. 2067, Art. 2050, Art. 1237, Art. 2068, Art. 2080
I. Rights of Co-Guarantors
1. Benefit of Division, Art. 2065, Art. 2078
2. Right to Reimbursement, Art. 2073 to 2075
J. Extinguishment and Right of Release, Art. 2076, Art. 2077, Art. 2079, Art.
2080; Art. 2081
E. Zobel, Inc. v. Court of Appeals, G.R. No. 113931, May 6, 1998, 290
SCRA 1.
Villa vs Garcia Bosque, 49 Phil 126
Radio Corp. vs Roa, 52 Phil 926
Phil. Gen Insurance Co., vs Mutuc, 61 SCRA 22
Prudencio vs CA, 143 SCRA 7, July 14, 1986
Shannon vs Phil. Lumber & Trans Co., 61 Phil 872
Cochingyan Jr. vs R&B Surety and Ins. Co., Inc., 151 SCRA 339
Hong Kong Shanghai Banking Corp. vs Aldanese, 48 Phil 990
Stronghold Insurance Company Inc. vs Republic-Asahi Glass Corporation, GR147561,
June 22, 2006
V. Surety

A. General Concepts, Art. 2047, Art. 1211, Art. 1216,Art. 2082 to 2084
B. Form of Surety, Art. 1403
C. Obligations Secured, Art. 2053
Security Bank & Trust Company v. Cuenca, G.R. No. 138544. October 3,
2000, 341 SCRA 781.
D. Distinguished from Standby Letter of Credit
E. Distinguished from Guaranty, Art. 2047
Palmares v. Court of Appeals & M.B. Lending Corporation, G.R. No. 126490,
March 31, 1998, 288 SCRA 422.
International Finance Corporation v. Imperial Textile Mills, Inc., G.R.
No. 160324, November 15, 2005, 475 SCRA 149.
Philippine Blooming Mills, Inc. & Ching v. Court of Appeals, G.R. No. 142381,
October 15, 2003, 413 SCRA 445.
Machetti vs. Hospicio de San Jose, G.R. No. L-30247, March 11, 1929
Castellvi vs. Sellner, G.R. No. L-158025, November 5, 1920

F. Distinguished from Joint and Solidary Obligations, Art. 2047, Art. 2066,
Art. 2067, Art. 1217
Escano & Silos v. Ortigas, Jr., G. R. No. 151953, June 29, 2007, 526
SCRA 26

VI. Legal and Judicial Bonds


Articles 2082 – 2084

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