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Manuel Araneta, Et Al. Vs. Commonwealth Insurance Co. 103 Phil 522

MANUEL ARANETA and JOSE L. UY, plaintiffs-appellants, vs. COMMONWEALTH INSURANCE CO., ET AL., defendants-appellees.

G.R. No. L-11584 | 1958-04-28

D E C I S I O N


REYES, J. B. L., J.:

Defendant-appellee Commonwealth Insurance Co. is a domestic corporation engaged in the insurance and bonding business. On April 2, 1949, said corporation issued a shipments of scrap steel on said vessel, and a surety bond, with appellants Manuel Araneta and Jose L. Uy as principals and the corporation as surety, in favor of the De la Rama Steamship Co., Inc., to secure the payment, within twenty days from the departure of the vessel S. S. "Doña Aurora" from Manila to Formosa on April 12, 1949, of the balance due on the freight of certain amount not exceeding P20,000. Plaintiffs-appellants...