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5a Isular Savings Bank vs. Ca PDF
5a Isular Savings Bank vs. Ca PDF
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G.R. No. 123638. June 15, 2005.
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subject
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* THIRD DIVISION.
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GARCIA, J.:
“On December 11, 1991, respondent Bank [Far East Bank and
Trust Company] instituted Arbitration Case No. 91-069 against
petitioner [Insular Savings Bank] before the Arbitration
Committee of the Philippine Clearing House Corporation [PCHC].
The dispute between the parties involved three [unfunded] checks
with a total value of P25,200,000.00. The checks were drawn
against respondent Bank and were presented by petitioner for
clearing. As respondent Bank returned the checks beyond the
reglementary period, [but after
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counter-bond,
4
the attaching party may apply for a new order of
attachment” (Emphasis supplied).
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at all times,
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shall ensue. As we held in Asuncion vs. Court
of Appeals:
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7 Herrera, Remedial Law, p. 597, citing Salas vs. Adil, 90 SCRA 121
(1979); Peregrino vs. Panis, 133 SCRA 72 (1984); Mialhe vs. de
Lenquesaing, 142 SCRA 694 (1986).
8 Complaint, p. 10, Rollo, p. 43.
9 Copy of petitioner’s bond (Annex “D”, Petition), Rollo, pp. 72-73.
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