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Capital Insurance and Surety Co. vs. Del Monte Motor Works

CAPITAL INSURANCE AND SURETY CO., INC., PETITIONER, VS. DEL MONTE MOTOR WORKS, INC., RESPONDENT.

G.R. No. 159979 | 2015-12-09

D E C I S I O N
 
BERSAMIN, J.:
 
Are the securities deposited by the insurance company pursuant to Section 203 of the Insurance Code subject of levy by a creditor? The petitioner, a duly registered insurance company, hereby appeals to seek the reversal of the unfavorable affirmative ruling on this issue of the Court of Appeals (CA) promulgated on September 15, 2003.[1] The CA therein held that the securities were not covered by absolute immunity from liability, but could be made to answer for valid and legitimate claims against the insurance company under its contract.
 
Antecedents

On March 3, 1997, the respondent...