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People's Bank And Trust Co., Et Al. vs. Dahican Lumber Company, Et Al.

PEOPLE'S BANK AND TRUST CO. and ATLANTIC, GULF AND PACIFIC CO. OF MANILA, plaintiffs and appellants, vs. DAHICAN LUMBER COMPANY, DAHICAN AMERICAN LUMBER CORPORATION, and CONNELL BROS. CO. (PHIL.), defendants and appellants.

G.R. No. L-17500 | 1967-05-16

D E C I S I O N 


DIZON, J.: 

On September 8, 1948, Atlantic Gulf & Pacific Company of Manila, a West Virginia corporation licensed to do business in the Philippines, - hereinafter referred to as ATLANTIC - sold and assigned all its right in the Dahican lumber concession to Dahican Lumber Company - hereinafter referred to as DALCO - for the total sum of P500,000.00 of which only the amount of $50,000.00 was paid. Thereafter, to develop the concession, DALCO obtained various loans from the People's Bank & Trust Company - hereinafter referred to as the Bank - amounting, as of July 13, 1950, to P200,000.00. In addition, DALCO...