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Allied Banking Corporation Vs. Secretary Ordonez

ALLIED BANKING CORPORATION, petitioner, vs. HON. SECRETARY SEDFREY ORDONEZ (Public Respondent) and ALFREDO CHING (Private Respondent), respondents.

G.R. No. 82495 | 1990-12-10

D E C I S I O N

PADILLA, J.:

In this special civil action for certiorari, the interpretation by the Department of Justice of the penal provision of PD 115, the Trust Receipts Law, is assailed by petitioner.

The relevant facts are as follows:

On 23 January 1981, Philippine Blooming Mills (PBM, for short) thru its duly authorized officer, private respondent Alfredo Ching, applied for the issuance of commercial letters of credit with petitioner's Makati branch to finance the purchase of 500 M/T Magtar Branch Dolomites and one (1) Lot High Fired Refractory Sliding Nozzle Bricks.

Petitioner issued an irrevocable letter of credit in favor of...