Vol. XXI, No. 228 [ Business World Online ]
Friday, June 20, 2008 | MANILA, PHILIPPINES
THE COURT OF APPEALS has stopped Landbank of the Philippines from taking over some of the assets of a resort and condominium project in Nasugbu, Batangas pending the P50-million payment of a local developer.
In an 11-page decision penned by Associate Justice Edgardo P. Cruz, the appellate court has given Gulod Resort, Inc. three months within which to pay loans due before Landbank could take over the assets as stipulated in a compromise agreement.
In 1996, the bank extended a P200-million loan to Nasugbu Resorts, Inc. to finance a condominium project at Barangay Caylaway in Nasugbu.
Gulod Resort, as the third party, secured the loan. Both firms however failed to pay the amount within an agreed time frame, forcing them to enter into a compromise agreement. The bank agreed to an initial cash payment of P50 million, providing that it would take over the assets at a later date if the firm failed to deliver on its promise.
Gulod Resort paid the amount, but beyond the stipulated time frame. Landbank returned the postdated checks forwarded by the developer, saying the firm is already in default. A trial court later disagreed with the bank.
In its decision, the appellate court also said: "As no demand for the fulfilment of its obligation was made on Gulod, the latter cannot be considered as being in mora despite of its payment period...[Landbank’s] sudden turnabout, by returning the checks three months after holding on to them, does not alter the fact that tender of payment had been made and accepted." — I.P. Pedrasa
______________________________________________________________________
