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Carlos O. Elido, Sr. vs. CA

CARLOS O. ELIDO, SR., petitioner, vs. COURT OF APPEALS and THE OVERSEAS BANK OF MANILA (now Commercial Bank of Manila), respondents.

G.R. No. 95441 | 1992-12-16

D E C I S I O N

BELLOSILLO, J:

We are catching the tail-end of the string of cases visiting this Court as a result of the Resolutions 1 of the Central Bank of the Philippines suspending the banking operations of The Overseas Bank of Manila. However, unlike the other cases which squarely put at issue the validity of the bank's temporary closure, this is a simple collection case where the bank failed to collect from a debtor after its banking activities were provisionally suspended.

The records disclose that from 15 October 1964 to 25 February 1965, Allied Credit, Integrated Services, Inc. (ALLIED, for brevity) obtained credit...