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Sps Vicky Tan Tho vs Solid Bank, First Business Paper, Kenneth & Ma Victoria Li

SPOUSES VICKY TAN TOH and LUIS TOH, petitioners, vs. SOLID BANK CORPORATION, FIRST BUSINESS PAPER CORPORATION, KENNETH NG LI and MA. VICTORIA NG LI, respondents.

G.R. No. 154183 | 2003-08-07

D E C I S I O N

BELLOSILLO, J.:

RESPONDENT SOLID BANK CORPORATION AGREED TO EXTEND an "omnibus line" credit facility worth P10 million in favor of respondent First Business Paper Corporation (FBPC). The terms and conditions of the agreement as well as the checklist of documents necessary to open the credit line were stipulated in a "letter-advise" of the Bank dated 16 May 1993 addressed to FBPC and to its President, respondent Kenneth Ng Li.[1] The "letter-advise"[2] was effective upon "compliance with the documentary requirements."[3]

The documents essential for the credit facility and submitted for this purpose were the (a) Board...