G.R. No. 175466 - Bank of the Philippine Islands as successor-in-interest of Far East Bank and Trust Company v. SMP, Inc.
[G.R. NO. 175466 : December 23, 2009]
BANK OF THE PHILIPPINE ISLANDS as successor-in-interest of FAR EAST BANK AND TRUST COMPANY, Petitioner, v. SMP, INC., Respondent.
R E S O L U T I O N
Before the Court is a Petition for Review on Certiorari under Rule 45 of the Rules of Court, assailing the Decision1 dated August 16, 2006 and the Resolution2 dated November 15, 2006 of the Court of Appeals (CA) in CA-G.R. CV No. 86055.
The facts of the case, as culled by the CA from the Decision3 dated June 6, 2005 of the Regional Trial Court (RTC), Branch 92, Quezon City, in Civil Case No. Q-97-30372, entitled "SMP, Inc. v. Far East Bank and Trust Company, et al.," are as follows:
Sometime in January 1995, Maria Teresa Michaela Ong, as Sales Executive of SMP, Inc. undertook the acceptance and servicing of a purchase order of CLOTHESPAK MANUFACTURING PHILS. (Clothespak) for 4,000 bags or sacks of General purpose (GPS) polystyrene products. The ordered products were delivered, for which delivery receipts were issued. The total selling price of the products amounted to U.S. $118,500.00. As payment, Clothespak issued postdated checks in favor of plaintiff SMP and delivered the same to Maria Teresa Michaela Ong. When the same were deposited by SMP Inc. on their maturity dates, the drawee bank dishonored and returned said checks for the reason "Account Closed."
In the meantime, a case was filed by herein defendant Far East Bank and Trust Company against Clothespak for a recovery of sum of money with prayer for issuance of preliminary attachment. The Pasig Court granted and issued the writ dated March 14, 1995 in favor of the plaintiff bank. Real and personal properties of the defendants were levied and attached.
Thereafter, on March 28, 1995, SMP, Inc. filed an Affidavit of Third Party Claim in that Civil Case No. 65006, claiming ownership of the 4,000 bags of General Purpose (GPS) polystyrene products taken at Clothespak factory worth
P3,096,405.00. With the filing by Far East Bank of the indemnity bond, the goods claimed were not released and the Pasig Court directed SMP, Inc. to ventilate its claim of ownership in a vindicatory action under Section 17, Rule 39 of the Revised Rules of Court. Meanwhile, Far East Bank obtained a favorable judgment against Clothespak. It has become final and executory which led to the implementation and enforcement of said decision against Clothespak's properties inclusive of the goods earlier attached. Hence, the instant case is filed by SMP, Inc. to recover from the attaching bank the value of the goods it claims ownership and for damages.???ñr?bl?š
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