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Gamboa, Rodriguez, Rivera, & Co., Inc., et al. vs CA, et al.

GAMBOA, RODRIGUEZ, RIVERA & CO., INC., CIFRA & COMPANY, INC., AND ARCA & COMPANY, INC., Petitioners, versus COURT OF APPEALS and PHILIPPINE NATIONAL BANK, Respondents.

G.R. No. 117456 | 2005-05-06

D E C I S I O N 


CORONA, J.: 

This petition for review on certiorari assails the decision[1] of the Court of Appeals dated September 29, 1993 and its resolution[2] denying petitioners' motion for reconsideration in CA-G.R. CV No. 28808. 

The uncontroverted facts of the case follow. 

During the 1971-1972 crop year, the Pampanga Sugar Mills (PASUMIL) issued negotiable sugar quedans to several planters, who had their sugar milled, representing their share in the physical sugar. The planters negotiated/sold their quedans to several traders, among which were plaintiffs-appellees GARORICO, CIFRA and ARCA. 

In 1972,...