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Mutaul Security Insurance Corp. Vs. CA, et al.

MUTUAL SECURITY INSURANCE CORPORATION, petitioner, vs. HON. COURT OF APPEALS, REMEDIOS M. ALLAS and CIPRIANO S. ALLAS, respondents.

G.R. No. L-47018 | 1987-09-11

D E C I S I O N

FELICIANO, J p:

On 8 May 1965, petitioner Mutual Security Insurance Corporation (thereafter "Mutual") put up a counterbond in the amount of P55,000.00 in favor of Manila Investment Co. Inc., for the dissolution of a writ of attachment issued by the Court of First Instance of Manila in a collection suit 1 against Manila Investment. On or about that same date, in consideration of Mutual's putting up the counterbond, an indemnity agreement was executed by Manila Investment and respondent Cipriano Allas where the latter signed not only as President of Manila Investment but also in his personal and individual capacity. Under...