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Construction & Development Corporation of the Philippines vs. Rodolfo M. Cuenca, et al.

CONSTRUCTION & DEVELOPMENT CORPORATION OF THE PHILIPPINES (now PHILIPPINE NATIONAL CONSTRUCTION CORPORATION), Petitioner, versus RODOLFO M. CUENCA and MALAYAN INSURANCE CO., INC., Respondents.

G.R. No. 163981 | 2005-08-12

SECOND DIVISION

D E C I S I O N 

CALLEJO, SR., J.: 

Before this Court is a petition for review on certiorari of the Decision[1] of the Court of Appeals (CA) in CA-G.R. CV No. 44660 and its Resolution denying a motion for reconsideration thereof. 

The Backdrop 

Ultra International Trading Corporation (UITC) applied for a surety bond from Malayan Insurance Co., Inc. (MICI), to guarantee its credits, indebtedness, obligations and liabilities of any kind to Goodyear Tire and Rubber Company of the Philippines (Goodyear). MICI approved the application and issued MICO Bond No. 65734[2] for an amount not exceeding P600,000.00. The...