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    Trade Investments Dev. Corp. v. Phil. Veterans Bank, July 1, 2019 Facts

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    Kristel Alyssa Maranan
    The Supreme Court affirmed the lower court's granting of summary judgment in favor of respondent PVB. Petitioner TIDCORP had executed a guarantee agreement to guarantee a debt owed by Philpos to PVB. After Philpos filed for bankruptcy protection, PVB demanded payment from TIDCORP according to the guarantee agreement, but payment was denied. The Court found no genuine issue of fact existed because TIDCORP admitted being bound by the terms of the guarantee agreement, including the obligation to pay Philpos's debt. As TIDCORP's liability was established based on the admitted facts and documents, summary judgment was properly granted to PVB.

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    Trade Investments Dev. Corp. v. Phil. Veterans Bank, July 1, 2019 Facts

    Uploaded by

    Kristel Alyssa Maranan
    52 views1 page
    The Supreme Court affirmed the lower court's granting of summary judgment in favor of respondent PVB. Petitioner TIDCORP had executed a guarantee agreement to guarantee a debt owed by Philpos to PVB. After Philpos filed for bankruptcy protection, PVB demanded payment from TIDCORP according to the guarantee agreement, but payment was denied. The Court found no genuine issue of fact existed because TIDCORP admitted being bound by the terms of the guarantee agreement, including the obligation to pay Philpos's debt. As TIDCORP's liability was established based on the admitted facts and documents, summary judgment was properly granted to PVB.

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    The Supreme Court affirmed the lower court's granting of summary judgment in favor of respondent PVB. Petitioner TIDCORP had executed a guarantee agreement to guarantee a debt owed by Philpos to PVB. After Philpos filed for bankruptcy protection, PVB demanded payment from TIDCORP according to the guarantee agreement, but payment was denied. The Court found no genuine issue of fact existed because TIDCORP admitted being bound by the terms of the guarantee agreement, including the obligation to pay Philpos's debt. As TIDCORP's liability was established based on the admitted facts and documents, summary judgment was properly granted to PVB.

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    © All Rights Reserved
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    52 views1 page

    Trade Investments Dev. Corp. v. Phil. Veterans Bank, July 1, 2019 Facts

    Uploaded by

    Kristel Alyssa Maranan
    The Supreme Court affirmed the lower court's granting of summary judgment in favor of respondent PVB. Petitioner TIDCORP had executed a guarantee agreement to guarantee a debt owed by Philpos to PVB. After Philpos filed for bankruptcy protection, PVB demanded payment from TIDCORP according to the guarantee agreement, but payment was denied. The Court found no genuine issue of fact existed because TIDCORP admitted being bound by the terms of the guarantee agreement, including the obligation to pay Philpos's debt. As TIDCORP's liability was established based on the admitted facts and documents, summary judgment was properly granted to PVB.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Trade Investments Dev. Corp. v. Phil.

    Veterans Bank, July 1, 2019

    Facts:

    Petitioner TIDCORP, executed a Guarantee Agreement whereby it agreed to guarantee the


    payment of the guaranty obligation of debtor Philpos in favour of respondent PVB. After
    sometime, because it was affected by Typhoon Yolanda, PhilPhos filed a Petition for
    Voluntary Rehabilitation under the Financial Rehabilitation and Insolvency Act. Respondent
    PVB then filed its claim with petitioner TIDCORP but despite repeated demands, petitioner
    denied PVB's claim. Respondent filed a Complaint for Specific Performance against
    petitioner. Petitioner TIDCORP argued that the RTC cannot validly try the case because of
    the Rehabilitation Court's Stay Order, which enjoined the enforcement of all claims, actions
    and proceedings against the original debtor PhilPhos. In view of the Answer filed by
    petitioner TIDCORP, respondent PVB filed a Motion for Summary Judgment, which was
    granted by the lower court. Hence, this petition.

    Issue:

    Whether the RTC erred in granting respondent PVB's Motion for Summary Judgment

    Ruling:

    No. There is no "genuine issue" which calls for the presentation of evidence if the issues
    raised by a party are a sham, fictitious, contrived, set up in bad faith and patently
    unsubstantial so as not to constitute a genuine issue for trial. The court can determine this
    on the basis of the pleadings, admissions, documents, affidavits and/or counter-affidavits
    submitted by the parties to the court. In a collection case, where the obligation and the fact
    of nonfulfillment of the obligation, as well as the execution of the debt instrument, are
    admitted by the debtor, with the rate of interest and/or amount of damages being the only
    remaining issue, there is no genuine issue and a summary judgment may be rendered upon
    proper motion.

    In the instant case, as correctly pointed out by the RTC, petitioner TIDCORP readily
    admitted that it was bound by the Guarantee Agreement, which expressly obligated
    petitioner TIDCORP to guarantee the payment of the Guaranty obligation. With petitioner
    TIDCORP admitting that it was "bound by the terms and conditions enumerated in this
    Guarantee Agreement and such other related documents x x x," the RTC did not commit
    any error in holding that respondent PVB was entitled to judgment as a matter of law.

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