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Reinsurance Company Of The Orient, Inc. Vs. Court Of Appeals, Et Al.

REINSURANCE COMPANY OF THE ORIENT, INC., petitioner, vs. THE HONORABLE COURT OF APPEALS, HON. FIDEL A. PURISIMA, as Judge of the CFI of Manila, Branch XX, GAUDIOSO M. TIONGCO, and BERNARDO C. BERNABE, DEPUTY SHERIFF, Branch XX, CFI-Manila, respondents. Ambrosio Padilla, Mempin & Reyes Law Offices for petitioner. Ravelo, Velante & Tiongco and Gil Venerando R. Racho for private respondent.

G.R. No. L-61250 | 1991-06-03

D E C I S I O N


FELICIANO, J.:

On 24 April 1963, Joaquin V. Gozun, Jr. signed a promissory note for P30,000.00, promising to pay respondent Gaudioso M. Tiongco or order the sum of P30,000.00, with interest at 10% per annum. The condition of the note was that its payment was to be secured by a surety bond acceptable to the payee. On 8 May 1963, the spouses Joaquin V. Gozun, Jr. and Maria Nieves Toledo-Gozun jointly and severally, as principals, and petitioner Reinsurance Company of the Orient, Inc. ("Reinsurance") as surety, executed a surety bond in favor of respondent Tiongco in the sum of P30,000.00 to guaranty faithful compliance...