Back

M.Y.Figueroa vs Securities & Exchange Comm. Etal.

MARIETTA Y. FIGUEROA, petitioner, vs. SECURITIES AND EXCHANGE COMMISSION AND THE PHILIPPINE UNDERWRITERS FINANCE CORPORATION (PHILFINANCE), respondents.

G.R. No. 76627 | 1988-06-27

D E C I S I O N


GANCAYCO, J.:

This is a petition for the review of the resolutions of the respondent Securities and Exchange Commission (SEC) dated August 19, 1986 and October 21, 1986, respectively, where the issue posed is whether the SEC can declare null and void a contract entered into between petitioner and the respondent, Philippine Underwriters Finance Corporation (PHILFINANCE), of which the SEC is a receiver.

The undisputed facts are as follows: On June 18, 1981, the respondent SEC and the Central Bank (CB) took over the management of respondent PHILFINANCE pursuant to the directive of the President of the Philippines and upon...