7/21/2019 Pnb v Andrada

1. G.R. No. 142936 April 17, 2002

PHILIPPINE NATIONAL BANK & NATIONAL SGAR
!E"ELOP#ENT $ORPORATION, petitioners,
vs.
AN!RA!A ELE$TRI$ & ENGINEERING $O#PAN%, respondent.

A$TS: On August 26, 1975, the PNB acquired the assets o PA!"#$%
that &ere ear'ier orec'osed () the *BP. PNB then organi+ed
NA!"*-O to tae o&nership and possession o the assets and
u'ti/ate') to nationa'i+e and conso'idate its interest in other PNB
contro''ed sugar /i''s. PA!"#$% engaged the services o respondent or
e'ectrica' re&inding and repair, /ost o &hich &ere partia'') paid ()
PA!"#$%, 'eaving severa' unpaid accounts. Because o this unpaid
(a'ance, respondent 0'e a co/p'aint or co''ection o su/ o /one)
against PNB and NA!"*-O.

ISSE: -an PNB (e he'd 'ia('e or the unpaid de(ts o PA!"#$% to
respondent

HEL!: No. As a ru'e, a corporation that purchases the assets o

another &i'' not (e 'ia('e or the de(ts o the se''ing corporation,
provided the or/er acted in good aith and paid adequate
consideration or such assets, ecept &hen an) o the o''o&ing
circu/stances is present: 314 &here the purchaser epress') or
i/p'ied') agrees to assu/e the de(ts, 324 &here the transaction
a/ounts to a conso'idation or /erger o the corporations, 34 &here
the purchasing corporation is /ere') a continuation o the se''ing
corporation, and 34 &here the transaction is raudu'ent') entered into
in order to escape 'ia(i'it) or those de(ts.

None o the oregoing eceptions &as sho&n to eist in the present

case. $n the case at (ar, &e ho'd that there is no /erger or
conso'idation &ith respect to PA!"#$% and PNB. Neither did petitioner
epress') or i/p'ied') agree to assu/e the de(t o PA!"#$% to
respondent. -'ear'), the corporate separateness (et&een PA!"#$% and
PNB re/ains, despite respondents insistence to the contrar).

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