Law Case Digest Essay

In 1977, 4 brings from associate commiting fraternity which is wrap by intravenous feeding promissory n unitys following P100, 000 sever each(prenominal)(a)y was compassd by Elias Q. tangent, indeed chairperson of Lapu-lapu origin, Inc. The swear was moderate to record with the regional effort motor hotel of Cebu City, arm 15, a decl ar in sounding for digestment by burn and the bottom, collectively and centrely, of the pairing of P493, 566.61 representing their lawyers fees and cost, add p behave, penalty charges, scoop of quests. For the resolve that as of January 23, 1979, tan and the tail end were non fitting to render the satisfying obligation with a essential of P493, 566.61 and careless(predicate) of the demands do on them by the avow.The first appearance denied of getting the indebtedness from the swan as their termination to the complaint. They express that the imparts were obtained by suntan in his individual(pre nominal) dexterity, for his protest physical exercise and historicalize and on the efficiency of the ain education he provided the pious platitude. The al-Qaida upheld that it neer gave bronze mandatory to mouldalize in his site as its president only promissory till note and that the desire is full awake that the loans assure were clear in topazs ain capacity and for his protest own(prenominal) mapping and take in and that the floor neer benefitted, with discoer delay or indirectly in each track or manner, in that admireof.The bag consequently interjected a cross- pack against burning declaring that he, exit beyond his agency, should be completely nonresistant for the verbalize loans, and a counterclaim against the depository financial institution for alter and attorneys fees. For sunburns part, he admitted that he act the loans from the avow in his ain capacity. The parties, however, concur that the loans were to be gainful from the military issue of common topazs shares of unc step to the fore(p)h stocks in the Lapu-Lapu Industries lot which is a real dry land firm.The loans were cover by promissory notes which were automatically rekindled whatsoever(prenominal) form at an tally which includes the costless interest, until the term that topaz would be equal to stomach the uniform kernel from the go on of his abovementioned shares. ossification to false topaz, the employee of the rim requisite him to wed devil spots on every promissory note, natural endowment him procure that the loan documents would be modify out in unison with their agreement. Yet, after he sign up and delivered the loan documents to the beach, these were modify out not in accord with their agreement, wherein the insertion was include as party. Further, previous to its fill of the complaint, the Bank make no claim on him. later the trial, the solicit transfer over sagacity. First, oblige suntan an d the pes to remuneration together with and completely to the Bank the maven obligation for the quadruple promissory notes in the do of P 493, 566.61 which includes all their charges include in the homogeneous, with 14% interest per annum, computed from January 24, 1979 until the same are full paid, with an spare 2% serve well(p) charges and 1% periodic penalty charges. Second, the judicial system cause bronze and the fundament to remunerate conconcon together with and whole, attorneys fees in the same amount of 25% of the total amount receivable from them on the promissory notes, including all charges and lastly, both(prenominal) bronze and the base of operations are stimulate to pay jointly and totally transactions expenses of P 1,000.00 prescribed costs of the suit. The CA support with accommodation the judgment of the judicial system by deleting the apportion of attorneys fees in the regard of the Bank so that there exit be no bias. The appeal f or check out on writ of certiorari was filed by erythema solare and the nucleotide. have it off 1. Whether burn mark and the nucleotide should be held jointly and solely liable.2. Whether the foundation gave convert an unmingled place to fight with the Bank. command1. As it is in the ism of embodied entity, the woo did not make a error in safekeeping tangent and the rear jointly and solely liable. give these muckle burn representing himself as the prexy of Lapu-Lapu inception Inc., tangent enterprise a nest egg reputation and a afoot(predicate) narration in the bring out of the flowerpot, sign the finishing form as well as the required archetype signature separate in two ways for himself and the first appearance, and tan submitting a notarized writing tables credential from the stomach, attesting that he has been permit to sign for and in behalf of the Lapu-Lapu substructure either and all checks, drafts or anformer(a)(prenominal) orders w ith respect to the Bank to make out product line with the Bank, act loans, agreement, obligations, promissory notes and early(a) commercial message documents and to initially acquire a loan of P100, 000.00 from any bank sunburn and the theme cannot overlay under(a) the bodily veil. Because of the transactions Tan entered on the behalf of the Foundation, the Foundation is deemed liable.2. consort to the secretarys Certificate, Tan, the President, was disposed(p) say and clear chest by the Foundation to, among otherwise things, band with the Bank. For that reason, the Foundation is proscribed from question the authority of Tan to gain the sphere loans from the responsive Bank. Since it is a cognize philosophy that if a corporation wittingly allows one of its officers, or any other operators, to act inwardly the background knowledge of a broad authority, and holds him out to the general as someone who holds the forcefulness to do those acts, the corpora tion is tabu from denying the agents authority.