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Charles Lee, Chua Siok Suy, et al. vs C And Philippine Bank of Communications.

CHARLES LEE, CHUA SIOK SUY, MARIANO SIO, ALFONSO YAP, RICHARD VELASCO and ALFONSO CO, petitioners, vs. COURT OF APPEALS and PHILIPPINE BANK OF COMMUNICATIONS, respondents.

G.R. NO. 117913 | 2002-02-01

Facts:

- Charles Lee, President of MICO Metals Corporation, requested the PBCom for 2 discounting loan/credit line. One was for the purpose of opening letters of credit and trust receipts and the other was for carrying out MICO's line of business as well as to maintain its line of business.

- As security for the loan, the corporation executed a deed of mortgage over its properties in Pasig.

- Individual petitioners executed a surety agreement in favor of PBCom whereby the petitioners jointly and severally, guaranteed the prompt payment of obligation for which MICO may be held accountable by PBCom. The liability of the sureties shall not...