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SALVADOR P. ESCAO
No. 151953
and MARIO M. SILOS,
G. R.
Petitioners,
Present:
QUISUMBING,
- versus Chairperson,
CARPIO,
CARPIO MORALES,
TINGA, and
RAFAEL ORTIGAS, JR.,
VELASCO, JR., JJ.
Respondent.
Promulgated:
June 29, 2007
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DECISION
TINGA, J.:
and
lend
to
Falcon
the
amount
of
US$320,000.00, for specific purposes and
subject to certain terms and conditions.[2] On
the same day, three stockholders-officers of
Falcon, namely: respondent Rafael Ortigas, Jr.
(Ortigas), George A. Scholey and George T.
Scholey executed an Assumption of Solidary
Liability whereby they agreed to assume in
[their] individual capacity, solidary liability with
[Falcon] for the due and punctual payment of
the loan contracted by Falcon with PDCP.[3] In
the meantime, two separate guaranties were
executed to guarantee the payment of the same
loan by other stockholders and officers of Falcon,
acting in their personal and individual
capacities. One Guaranty[4] was executed by
petitioner Salvador Escao (Escao), while the
other[5] by petitioner Mario M. Silos (Silos),
Ricardo C. Silverio (Silverio), Carlos L. Inductivo
(Inductivo) and Joaquin J. Rodriguez (Rodriguez).
Two years later, an agreement developed
to cede control of Falcon to Escao, Silos and
Petitioners
claim
that,
contrary
to
prove such
evidence.
fact
with
preponderance
of
3.
DANTE
TINGA
Associate Justice
WE CONCUR:
O.
ANTONIO T. CARPIO
CARPIO MORALES
Associate
Justice
Associate Justice
CONCHITA
ATTESTATION
I attest that the conclusions in the
above Decision had been reached in
consultation before the case was assigned to
the writer of the opinion of the Courts
Division.
ANTONIO
T. CARPIO
Associate Justice
Acting
Chairperson, Second Division
CERTIFICATION
Pursuant to Section 13, Article VIII of
the
Constitution,
and
the
Division
Chairpersons Attestation, it is hereby certified
that the conclusions in the above Decision
had been reached in consultation before the
REYNATO S. PUNO
Chief Justice