This case has been cited 2 times or more.
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2004-09-10 |
CALLEJO, SR., J. |
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| In 1979, respondent BPI International Finance (then AIFL) granted CLL a letter of credit in the amount of US$3,000,000. Wilfrido Martinez signed the letter agreement with the respondent for the CLL. The respondent and the CLL had made the following arrangements: Cintas Largas, Ltd. will purchase molasses from the Philippines, mainly from Mar Tierra Corporation, and then sell the molasses to foreign countries. Both the purchase of the molasses from the Philippines and the subsequent sale thereof to foreign customers were effected by means of Letters of Credit. A Letter of Credit would be opened by Cintas Largas, Ltd. in favour of Mar Tierra Corporation or any other seller in the Philippines. Upon the sale of the molasses to foreign buyers, a Letter of Credit would then be opened by such buyers, in favour of Cintas Largas, Ltd. The Letters of Credit were effected through the Letter of Credit Facility of Cintas Largas, Ltd. in plaintiff. The profits of Cintas Largas, Ltd. from these transactions were then deposited in either the deposit account of Cintas Largas, Ltd. with plaintiff or the Money Market Placement Account Nos. 063 and 084, depending upon the instructions of Wilfrido C. Martinez and Blamar C. Gonzales, principally.[7] On January 24, 1979, the CLL opened a money market placement with the respondent bearing MMP No. 063, with an initial placement of US$390,000.[8] The CLL also opened and maintained a foreign currency account and a deposit account with the respondent. The authorized signatory in both accounts of CLL was Wilfrido C. Martinez. Some instructions also came from Gonzales, to be confirmed by Wilfrido Martinez.[9] On March 21, 1980, petitioner Ruben Martinez and/or his son Wilfrido C. Martinez and/or Miguel J. Lacson affixed their signatures on the two signature cards furnished by the respondent which became MMP No. 063 and MMP No. 084. On the face of the cards, the signatories became joint account holders of the said money market placements.[10] | |||||
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2004-09-10 |
CALLEJO, SR., J. |
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| As of September 26, 1980, the balance of the deposit account of the CLL with the respondent was US$1,025,052.06.[15] On the other hand, the balance of the money placement in MMP No. 063, as of September 25, 1980 was US$312,708.43,[16] while the balance of the money market placement in MMP No. 084 as of September 8, 1980 stood at US$768,258.24.[17] | |||||