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Bank of Commerce vs. Radio Philippines Network, Inc., Et Al. [DISSENTING OPINION, LEONEN, J.]

BANK OF COMMERCE, PETITIONER, VS. RADIO PHILIPPINES NETWORK, INC., INTERCONTINENTAL BROADCASTING CORPORATION, AND BANAHAW BROADCASTING CORPORATION, THRU BOARD OF ADMINISTRATOR, AND SHERIFF BIENVENIDO S. REYES, JR., SHERIFF, REGIONAL TRIAL COURT OF QUEZON CITY, BRANCH 98, RESPONDENTS.

G.R. No. 195615 | 2014-04-21

DISSENTING OPINION

LEONEN, J.,

A corporation which purchases all or substantially all of the assets of another corporation should be liable to satisfy the execution of a judgment debt against the seller corporation when it impliedly accepts such obligations. The obligation is impliedly accepted if the purchasing corporation made it appear to third parties that it stepped into the shoes of the seller corporation. This is especially true in the case of banks that take on the license of a predecessor bank. This is required by equity to safeguard against fraud of creditors as well as the principle of economy of judgments.

The petition[1]...