Back

Security Bank and Trust Company Vs. Rizal Commercial Banking Corporation

SECURITY BANK AND TRUST COMPANY, Petitioner, versus RIZAL COMMERCIAL BANKING CORPORATION, Respondent.

G.R. No. 170984 | 2009-01-30

DECISION


QUISUMBING, Acting C.J.:

Before us are opposing parties' petitions for review of the Decision[1] dated March 29, 2005 and Resolution[2] dated December 12, 2005 of the Court of Appeals in CA-G.R. CV No. 67387. The two petitions are herein consolidated as they stem from the same set of factual circumstances.

The facts, as found by the trial and appellate courts, are as follows:

On January 9, 1981, Security Bank and Trust Company (SBTC) issued a manager's check for P8 million, payable to "CASH," as proceeds of the loan granted to Guidon Construction and Development Corporation (GCDC). On the same day, the P8-million check, along...