Vintola vs IBAA Tirso and Loreta Vintola, doing business under "Dax Kin International, engaged i n the manufacture

of raw sea shells into finished products, were granted a domes tic LOC by IBAA Cebu for 40,000. LOC authorized the bank fo negotiate for their account, drafts drawn by Dax supp lier Stalin Tan, for the purchase of puka and olive seashells Vintolas agreed to pay the bank the amount drawn or paid plus usual charges Vintolas received on the same day the puka and olive shells worth 40,000 from St alin and they executed a Trust Receipt Agreement with IBAA Cebu Vintolas agreed to hold the goods in trust for IBAA as IBAA's property w ith liberty to sell them for IBAA's account and that in case of sale, the Vinto las shall turn over the proceedsa as soon as received (due date Oct 19, 1975) Vintolas defaulted and IBAA demanded payment Vintolas responded that they were unable to dispose of the shells and offered to return the goods to IBAA IBAA refused to accept and Vintolas failed to make good their undertaking IBAA later charged the Vintolas with Estafa for having misappropriated, misappli ed and converted for their own personal use and benefit the aforesaid goods During the trial: Vintolas turned over the sea shells to the custody of the tria l court CFI CEBU: VINTOLAS ACQUITTED element of misappropriation or conversion was inexistent that under the trust receipt, in the event of default and/or non -fulfillment on the part of the accused of their undertaking, the bank is entitl ed to take possession of the goods or to recover its equivalent value together w ith the usual charges. In either case, the remedy of the Bank is civil and not c riminal in nature. ... IBAA appealed to RTC