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PNB VS Court of Appeals
PNB VS Court of Appeals
SUPREME COURT
Manila
SECOND DIVISION
ANTONIO, J.:
The original amount of the bond was for P4,000.00; but the
amount was later reduced to P2,000.00.
It has been established during the trial that Mrs. Tapnio had an
export sugar quota of 1,000 piculs for the agricultural year
1956-1957 which she did not need. She agreed to allow Mr.
Jacobo C. Tuazon to use said quota for the consideration of
P2,500.00 (Exh. "4"-Gueco). This agreement was called a
contract of lease of sugar allotment.
The court below held, and in this holding we concur that failure
of the negotiation for the lease of the sugar quota allocation of
Rita Gueco Tapnio to Tuazon was due to the fault of the
directors of the Philippine National Bank, The refusal on the
part of the bank to approve the lease at the rate of P2.80 per
picul which, as stated above, would have enabled Rita Gueco
Tapnio to realize the amount of P2,800.00 which was more than
sufficient to pay off her indebtedness to the Bank, and its
insistence on the rental price of P3.00 per picul thus
unnecessarily increasing the value by only a difference of
P200.00. inevitably brought about the rescission of the lease
contract to the damage and prejudice of Rita Gueco Tapnio in
the aforesaid sum of P2,800.00. The unreasonableness of the
position adopted by the board of directors of the Philippine
National Bank in refusing to approve the lease at the rate of
P2.80 per picul and insisting on the rate of P3.00 per picul, if
only to increase the retail value by only P200.00 is shown by
the fact that all the accounts of Rita Gueco Tapnio with the
Bank were secured by chattel mortgage on standing crops,
assignment of leasehold rights and interests on her properties,
and surety bonds, aside from the fact that from Exh. 8-Bank, it
appears that she was offering to execute a real estate
mortgage in favor of the Bank to replace the surety bond This
statement is further bolstered by the fact that Rita Gueco
Tapnio apparently had the means to pay her obligation fact that
she has been granted several value of almost P80,000.00 for
the agricultural years from 1952 to 56. 1
(2) In not holding that based on the statistics of sugar price and
prices of sugar quota in the possession of the petitioner, the
latter's Board of Directors correctly fixed the rental of price per
picul of 1,000 piculs of sugar quota leased by respondent Rita
Gueco Tapnio to Jacobo C. Tuazon at P3.00 per picul.
Separate Opinions
Footnotes