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  • Bank Error Damages Business Reputation

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    Anonymous X5ud3U
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    Petitioner Simex International deposited funds into its account with respondent Traders Royal Bank but the deposit was not credited. As a result, the bank canceled Simex's credit line and stopped acting on its orders. This caused Simex's business to decline and reputation to be tarnished in the business community. Though the bank eventually corrected the error after a week, the court ruled Simex was entitled to moral damages for the bank's actions and exemplary damages to set an example for other banks.

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    Simex International

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    Petitioner Simex International deposited funds into its account with respondent Traders Royal Bank but the deposit was not credited. As a result, the bank canceled Simex's credit line and stopped acting on its orders. This caused Simex's business to decline and reputation to be tarnished in the business community. Though the bank eventually corrected the error after a week, the court ruled Simex was entitled to moral damages for the bank's actions and exemplary damages to set an example for other banks.

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    5 views1 page

    Bank Error Damages Business Reputation

    Uploaded by

    Anonymous X5ud3U
    Petitioner Simex International deposited funds into its account with respondent Traders Royal Bank but the deposit was not credited. As a result, the bank canceled Simex's credit line and stopped acting on its orders. This caused Simex's business to decline and reputation to be tarnished in the business community. Though the bank eventually corrected the error after a week, the court ruled Simex was entitled to moral damages for the bank's actions and exemplary damages to set an example for other banks.

    Copyright:

    © All Rights Reserved
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    of 1

    SIMEX INTERNATIONAL (MANILA), INCORPORATED, petitioner, vs.

    THE HONORABLE COURT OF APPEALS

    and TRADERS ROYAL BANK, respondents.


    G.R. No. 88013 | 1990-03-19
    FACTS: Petitioners deposit not credited. Credit line was canceled and its orders were not acted upon pending receipt
    of actual payment by the suppliers. Its business declined. Its reputation was tarnished. Its standing was reduced in
    the business community. Respondent bank did not immediately correct it but did so only one week later or twenty-
    three days after the deposit was made.
    ISSUE:
    (1) WON PETITIONER ENTITLED TO MORAL DAMAGES AFFIRMATIVE
    (2) WON PETITIONER ENTITLED TO EXEMPLARY DAMAGES AFFIRMATIVE

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