Back

Philippine National Bank (PNB) vs. Luzon Surety Co., Inc.

PHILIPPINE NATIONAL BANK, petitioner, vs. LUZON SURETY CO., INC. and THE HONORABLE COURT APPEALS, respondent.

G.R. No. L-29587 | 1975-11-28

D E C I S I O N

ESGUERRA, J:

Petitioner Philippine National Bank seeks a review and reversal of the decision dated June 26, 1968, of the Court of Appeals in its case CA-G.R. No. 30282-R, absolving Luzon Surety Co., Inc. of its liability to said, petitioner and thus reversing the decision of the Court of First Instance of Negros Occidental, the dispositive portion of which reads as follows:
 
"IN VIEW THEREOF, judgment is hereby rendered ordering defendant Augusto R. Villarosa to pay plaintiff PHILIPPINE NATIONAL BANK the sum of P81,200.00 plus accrued interest of 5% per annum on P63,222.78 from August 31, 1959; to pay 10% of said...