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[1/3] Pacific Mills, Inc., et al. vs. Court Of Appeals, et al.

[1/3] PACIFIC MILLS, INC. and GEORGE U. LIM, petitioners, vs. THE HON. COURT OF APPEALS and PHILIPPINE COTTON CORPORATION, respondents.

G.R. No. 87182 | 1992-02-17

D E C I S I O N


FELICIANO, J.:

On various dates during the period from April 1980 to October 1982, petitioner Pacific Mills, Inc. ("Pacific") purchased on credit from respondent Philippine Cotton Corporation ("Philcotton") varying quantities of cottonlint. The parties had agreed that Pacific would issue promissory notes in favor of Philcotton should the former fail to pay the purchase price of the cottonlint within sixty (60) days after delivery thereof. Hence, when Pacific was unable to pay the price of various purchases of cottonlint within the stipulated sixty (60)-day period, Pacific and George U. Lim, Executive Vice-President of...