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LANDL Co. vs MBTC

LANDL & COMPANY (PHIL.) INC., PERCIVAL G. LLABAN and MANUEL P. LUCENTE, Petitioners,versus METROPOLITAN BANK & TRUST COMPANY, Respondent.

G.R. No. 159622 | 2004-07-30

DECISION




YNARES-SANTIAGO, J.:



At issue in this petition for review on certiorari is whether or not, in a trust receipt transaction, an entruster which had taken actual and juridical possession of the goods covered by the trust receipt may subsequently avail of the right to demand from the entrustee the deficiency of the amount covered by the trust receipt.



As correctly appreciated by the Court of Appeals, the undisputed facts of this case are as follows:



Respondent Metropolitan Bank and Trust Company (Metrobank) filed a complaint for sum of money against Landl and Company (Phil.) Inc. (Landl) and its directors, Percival G....