0 valutazioniIl 0% ha trovato utile questo documento (0 voti)
125 visualizzazioni1 pagina
PVTA and Sevilla (in behalf of PAR) entered into a contract for the importation of 85 million kilos of Virginia leaf tobacco and exportation of PVTA. PVTA prepared drafts to be drawn against the Letter of Credit for amounts that have already become due and demandable. Sevilla then filed a complaint for damages with preliminary injunction against the petitioner.
PVTA and Sevilla (in behalf of PAR) entered into a contract for the importation of 85 million kilos of Virginia leaf tobacco and exportation of PVTA. PVTA prepared drafts to be drawn against the Letter of Credit for amounts that have already become due and demandable. Sevilla then filed a complaint for damages with preliminary injunction against the petitioner.
Copyright:
Attribution Non-Commercial (BY-NC)
Formati disponibili
Scarica in formato DOCX, PDF, TXT o leggi online su Scribd
PVTA and Sevilla (in behalf of PAR) entered into a contract for the importation of 85 million kilos of Virginia leaf tobacco and exportation of PVTA. PVTA prepared drafts to be drawn against the Letter of Credit for amounts that have already become due and demandable. Sevilla then filed a complaint for damages with preliminary injunction against the petitioner.
Copyright:
Attribution Non-Commercial (BY-NC)
Formati disponibili
Scarica in formato DOCX, PDF, TXT o leggi online su Scribd
Philippine Virginia Tobacco drawing against the letter of credit.
Administration (PVTA) vs. De Los Subsequently, respondent judge
Angeles issued an order directing the Prudential Bank & Trust Co. to make the questioned release of funds from the Letter of Credit to Sevilla. Facts: Before petitioner could file a motion for reconsideration of said order, respondent Timoteo Sevilla, proprietor and Sevilla was able to secure the release of General Manager of the Philippine Associated P300,000.00 and the rest of the amount. Resources (PAR) together with two other entities were awarded in a public bidding the Issue: right to import Virginia leaf tobacco for Did the judge act with grave abuse of blending purposes and exportation by them discretion when he issued the order to make of PVTA. Subsequently, the other two entities the questioned release of funds from the assigned their rights to PVTA, and PAR Letter of Credit to Sevilla? remained the only private entity accorded the privilege. Held: PVTA and Sevilla (in behalf of PAR) Yes. In issuing the Order, respondent entered into a contract for the importation of Judge violated the irrevocability of the letter 85 million kilos of Virginia leaf tobacco and of credit issued by respondent Bank in favor exportation of 2.35 million kilos of PVTA. of petitioner. An irrevocable letter of credit Pursuant to the contract, Sevilla purchased, cannot during its lifetime be cancelled or exported and paid for the kilos of tobacco modified without the express permission of from PVTA, leaving an unpaid balance of only the beneficiary or PVTA in this case. (Miranda 3 million pesos. However, before Sevilla and Garrovilla, Principles of Money Credit (PAR) could import the counterpart blending and Banking, Revised Edition, p. 291). tobacco, R.A. 4155 was passed, authorizing Furthermore, the question of whether or not PVTA to grant import privileges and lower Sevilla or PAR is entitled to a reduction of the prices of tobacco stock. amount of the payment due must be The contract then underwent several answered first before the release of funds amendments including the additional from the Letter of Credit be granted to stipulation that Sevilla would open an Sevilla for the extra amounts it allegedly irrevocable letter of credit with Prudential paid. This avoids the situation wherein the Bank and Trust Co. in favor of PVTA to secure trial court disallows of a reduction on the the payment of the balance, drawable only amounts that needed to be paid by Sevilla upon the release of the Bureau of Customs of upon a finding that R.A. 4155 is inapplicable. the imported Virginia blending tobacco. Sevilla would then still have an unpaid As Sevilla negotiated for the reduction balance, an obligation which is now of the procurement cost of the kilos of unsecured, which the Court seeks to prevent. Tobacco already exported, PVTA prepared drafts to be drawn against the letter of credit for amounts that have already become due and demandable. Sevilla then filed a complaint for damages with preliminary injunction against the petitioner. PVTA filed an answer with counterclaim, admitting the execution of the contract. It alleged however that respondent Sevilla violated the terms thereof by causing the issuance of the preliminary injunction to prevent the former from drawing from the letter of credit for amounts due and payable and thus caused PVTa additional damage of 6% per annum. The court sided with Sevilla, a writ of preliminary injunction was issued by respondent judge enjoining PVTA from
In Re: Bank of New York Derivative Litigation. Mildred Kaliski and Edward J. Kaliski, Rita Hochenbaum and Rochelle Phillips, Charles H. Beck, on Behalf of the Bank of New York Company, Inc. Consolidated-Plaintiff v. J. Carter Bacot, Gerald L. Hassell, Deno D. Papageorge, Alan R. Griffith, Thomas A. Renyi, John A. Luke, Jr., William R. Chaney, William C. Richardson, Catherine Rein, Richard Barth and Donald L. Miller, the Bank of New York Company, Inc. And the Bank of New York, Nominal-Defendants-Appellees, Sergei Kotov and Vladimir Galitzine, 320 F.3d 291, 2d Cir. (2003)