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Republic of the Philippines vs. Tatlonghari

REPUBLIC OF THE PHILIPPINES, REPRESENTED BY ASSET PRIVATIZATION TRUST, NOW PRIVATIZATION AND MANAGEMENT OFFICE (PMO), Petitioner, v. VIRGILIO M. TATLONGHARI, DOMINGO P. UY, GUILLERMO P. UY, HINOSAN MOTORS CORPORATION, AND WESTERN GUARANTY CORPORATION, Respondents.

G.R. No. 170458 | 2015-11-23

Republic of the Philippines
Supreme Court
Manila
 
SECOND DIVISION
 
D E C I S I O N
 
LEONEN, J.:
 
The notation "in trust for" or "for escrow" that comes with deposited funds indicates that the deposit is for the benefit of a third party. In this case, Asset Privatization Trust deposited funds "in trust for" Pantranco North Express, Inc., (Pantranco) a corporation under the management of Asset Privatization Trust. These funds belong to Pantranco. Further, in the absence of evidence that Asset Privatization Trust is authorized to collect Pantranco's indebtedness to Philippine National Bank, the...