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Premiere Development Bank vs Court of Appeals and Panacor Marketing and Arizona Transport

PREMIERE DEVELOPMENT BANK, Petitioner, versus COURT OF APPEALS, PANACOR MARKETING CORPORATION and ARIZONA TRANSPORT CORPORATION, Respondents.

G.R. No. 159352 | 2004-04-14

D E C I S I O N

YNARES-SANTIAGO, J.:

This is a petition for review under Rule 45 of the 1997 Rules on Civil Procedure seeking the annulment of the Decision dated June 18, 2003 of the Court of Appeals[1] which affirmed the Decision of the Regional Trial Court[2] in Civil Case No. 65577.

The undisputed facts show that on or about October 1994, Panacor Marketing Corporation (Panacor for brevity), a newly formed corporation, acquired an exclusive distributorship of products manufactured by Colgate Palmolive Philippines, Inc. (Colgate for short). To meet the capital requirements of the exclusive distributorship, which required an initial inventory...