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obc 016 | united planters sugar milling co., lnc. v. court of appeals | g.r. no. 126890

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  • OBC 016 | United Planters Sugar Milling Co., lnc. v. Court of Appeals | G.R. No. 126890
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11/15/2014 G.R. No. 126890 http://www.lawphil.net/judjuris/juri2009/apr2009/gr_126890_2009.html 1/23 Today is Saturday, November 15, 2014 Republic of the Philippines SUPREME COURT Manila EN BANC G.R. No. 126890 April 2, 2009 UNITED PLANTERS SUGAR MILLING CO., INC., (UPSUMCO),  Petitioners, vs. THE HONORABLE COURT OF OF APPEALS, PHILIPPINE NATIONAL BANK (PNB) and ASSET PRIVATIZATION TRUST (APT), AS TRUSTEE OF THE REPUBLIC OF THE PHILIPPINES,  Respondents. R E S O L U T I O N TINGA, J.: In 1987, the Republic of the Philippines lost around 1.5 Billion Pesos after it had waived its right to collect on an outstanding indebtedness from petitioner, by virtue of a so-called "friendly foreclosure agreement" that ultimately was friendly only to petitioner. The efficacy of such waiver is now beyond dispute, but the Court has the opportunity to regretfully mitigate the losses sustained by the government through means no more exotic than insisting upon the interpretation of contracts according to the plain terms expressed therein. I. The following statement of facts are drawn from the Decision of the Court of Appeals Tenth Division dated 29 February 1996, as well as from the Separate Opinion to the Resolution of this Court dated 11 July 2007. Petitioner United Planters Sugar Milling Co. (UPSUMCO) was engaged in the business of milling sugar. In 1974, as UPSUMCO commenced operations, it obtained a set of loans from respondent Philippine National Bank (PNB). These loans, referred herein as the "takeoff loans," were intended to finance the construction of a sugar milling plant. The takeoff loans were embodied in a Credit Agreement dated November 5, 1974, which was thrice restructured through Restructuring Agreements dated 24 June and 10 December 1982, and 9 May 1984. 1  The takeoff loans were secured a real estate mortgage over two parcels of land 2  where the milling plant stood and chattel mortgages over the machineries and equipment. As another condition to the takeoff loans, UPSUMCO agreed to "open and/or maintain a deposit account with the [PNB] and the bank is authorized at its option to apply to the payment of any unpaid obligations of the client any/and all monies, securities which may be in its hands on deposit." 3 Between 1984 to 1987, UPSUMCO contracted another set of loans from PNB, these ones oriented towards financing the operations of the Company. The second set of loans, referred hereinafter as "operational loans," also contained setoff clauses relative to the application of payments from UPSUMCO’s bank accounts. They were likewise secured by pledge contracts whereby UPSUMCO assigned to PNB all its sugar produce for PNB to sell and apply the proceeds to satisfy the indebtedness arising from the operational loans. The rulings of the lower courts, as well as the petition itself, are not clear as to the amount extended by way of takeoff loans by PNB to UPSUMCO. However, the Court of Appeals did enumerate the following transactions consisting of the operational loans, to wit: (1) Trust Receipts dated August 26, 1987; February 5, 1987; and July 10, 1987; (2) Deed of Assignment By Way of Payment dated November 16, 1984 (Exh. 3 [PNB]; Exh. 12 [APT]; Record, p. 545); (3) Two (2) documents of Pledge both dated February 19, 1987;

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Page 1: OBC 016 | United Planters Sugar Milling Co., lnc. v. Court of Appeals | G.R. No. 126890

7/26/2019 OBC 016 | United Planters Sugar Milling Co., lnc. v. Court of Appeals | G.R. No. 126890

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