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Frabelle Fishing Corp. Vs. The Phil American Life Insurance Co., et al

FRABELLE FISHING CORPORATION, Petitioner, versus THE PHILIPPINE AMERICAN LIFE INSURANCE COMPANY, PHILAM PROPERTIES CORPORATION and PERF REALTY CORPORATION, Respondents.

G.R. No. 158560 | 2007-08-17

DECISION


SANDOVAL-GUTIERREZ, J.:

Before us is the instant Petition for Review on Certiorari under Rule 45 of the 1997 Rules of Civil Procedure, as amended, assailing the Decision[1] and Resolution of the Court of Appeals dated December 2, 2002 and May 30, 2003, respectively, in CA-G.R. SP No. 71389.

The facts are:

Philam Properties Corporation, Philippine American Life Insurance Company, and PERF Realty Corporation, herein respondents, are all corporations duly organized and existing under Philippine laws.

On May 8, 1996, respondents entered into a Memorandum of Agreement (1996 MOA)[2] whereby each agreed to contribute cash,...