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    PNB V SAYO

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    Nica09_forever
    Noah's Ark Sugar Refinery issued warehouse receipts (quedans) for sugar stocks that were later endorsed to Luis Ramos and Cresencia Zoleta as security for loans from Philippine National Bank (PNB). When Ramos and Zoleta defaulted on the loans, PNB demanded the sugar stocks but Noah's Ark refused, claiming ownership. The Supreme Court ultimately ruled that PNB was entitled to the stocks as endorsee of the quedans, but Noah's Ark claimed a warehouseman's lien for storage fees. The trial court granted the lien. On appeal, the Supreme Court held that while PNB was entitled to the stocks, delivery must be upon payment of storage fees, but the lien was

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    PNB V SAYO

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    Nica09_forever
    469 views2 pages
    Noah's Ark Sugar Refinery issued warehouse receipts (quedans) for sugar stocks that were later endorsed to Luis Ramos and Cresencia Zoleta as security for loans from Philippine National Bank (PNB). When Ramos and Zoleta defaulted on the loans, PNB demanded the sugar stocks but Noah's Ark refused, claiming ownership. The Supreme Court ultimately ruled that PNB was entitled to the stocks as endorsee of the quedans, but Noah's Ark claimed a warehouseman's lien for storage fees. The trial court granted the lien. On appeal, the Supreme Court held that while PNB was entitled to the stocks, delivery must be upon payment of storage fees, but the lien was

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    Noah's Ark Sugar Refinery issued warehouse receipts (quedans) for sugar stocks that were later endorsed to Luis Ramos and Cresencia Zoleta as security for loans from Philippine National Bank (PNB). When Ramos and Zoleta defaulted on the loans, PNB demanded the sugar stocks but Noah's Ark refused, claiming ownership. The Supreme Court ultimately ruled that PNB was entitled to the stocks as endorsee of the quedans, but Noah's Ark claimed a warehouseman's lien for storage fees. The trial court granted the lien. On appeal, the Supreme Court held that while PNB was entitled to the stocks, delivery must be upon payment of storage fees, but the lien was

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    469 views2 pages

    PNB V SAYO

    Uploaded by

    Nica09_forever
    Noah's Ark Sugar Refinery issued warehouse receipts (quedans) for sugar stocks that were later endorsed to Luis Ramos and Cresencia Zoleta as security for loans from Philippine National Bank (PNB). When Ramos and Zoleta defaulted on the loans, PNB demanded the sugar stocks but Noah's Ark refused, claiming ownership. The Supreme Court ultimately ruled that PNB was entitled to the stocks as endorsee of the quedans, but Noah's Ark claimed a warehouseman's lien for storage fees. The trial court granted the lien. On appeal, the Supreme Court held that while PNB was entitled to the stocks, delivery must be upon payment of storage fees, but the lien was

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    PHILIPPINE NATIONAL BANK, petitioner, vs. HON. MARCELINO L.

    SAYO, JR., in his capacity as Presiding Judge of the Regional Trial


    Court of Manila (Branch 45), NOAH'S ARK SUGAR REFINERY,
    ALBERTO T. LOOYUKO, JIMMY T. GO and WILSON T.
    GO, respondents.

    FACTS
    Noah's Ark Sugar Refinery (Noah's Ark) issued several Warehouse Receipts
    (Quedans) on various dates, some of which were endorsed, to Luis T. Ramos
    and Cresencia K. Zoleta. Ramos and Zoleta then used the quedans as security
    for two loan agreements with the Philippine National Bank (PNB). Ramos and
    Zoleta failed to pay their loans upon maturity. Consequently, PNB demanded the
    delivery of the sugar stocks covered by the quedans endorsed to it by Zoleta and
    Ramos. Noah's Ark, however, refused, claiming ownership of the quedans. PNB
    sued herein private respondents for specific performance. The case reached the
    Supreme Court, which ruled in favor of PNB. Motions for reconsideration by
    Noah's Ark was denied by the Court. Thereupon, private respondents filed before
    the trial court an Omnibus Motion seeking, among others the deferment of the
    proceedings until their claim for warehousemans lien would be heard. On the
    other hand, PNB filed a Motion for the issuance of the Writ of Execution and
    opposition to the Omnibus Motion filed by the private respondents. Private
    respondents won their case up to the Supreme Court, which declared that while
    the PNB is entitled to the stocks of sugar as the endorsee of the quedans,
    delivery to it shall be effected only upon payment of the storage fees. PNB's
    motion for reconsideration was denied. Private respondents filed a Motion for
    Execution of Defendant's Lien, which was opposed by the petitioner. However,
    the trial court granted private respondents Motion for Execution. PNB was
    immediately served with a Writ of Execution. PNB filed a Motion for
    Reconsideration with urgent prayer for Quashal of the Writ of Execution and an
    Urgent Motion to Lift Garnishment of their funds with Bangko Sentral ng Pilipinas.
    The trial court denied all the motions of PNB. Hence, PNB filed this special civil
    action for certiorari asking for the annulment of the orders of the trial court: one,
    granting private respondents' motion for execution to satisfy their
    warehouseman's lien, and two, denying petitioners motion for reconsideration of
    the first order and urgent motion to lift the garnishment.
    Noahs Ark claimed for warehousemans lien for the storage of the goods.
    RTC: granted lien. PNB appealed
    ISSUE
    WoN PNB is entitled to the stocks of sugar as the endorsee of the quedans,
    without paying the lien

    HELD
    YES. The petition was meritorious.
    While PNB is entitled to the stocks of sugar as the endorsee of the quedans,
    delivery to it shall be effected only upon payment of the storage fees. The
    warehouseman is entitled to the warehousemans lien that attaches to the goods
    invokable against anyone who claims a right of possession thereon. However, in
    this case, the lien was lost when R refused to deliver the goods, which were not
    anchored to a valid excuse (i.e. nonsatisfaction of W/Hman Lien) but on an
    adverse claim of ownership. The loss of W/H Mans lien does not necessarily
    mean the extinguishment of the obligation to pay the W/H fees and charges
    which continues to be a personal liability of the owners, PNB in this case.
    However, such fees and charges have ceased to accrue from the date of the
    rejection by Noahs Ark to heed the lawful demand for the release of the goods.

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