Case Digest: Land Bank of the Philippines v. Perez, G.R. No. 166884, June 13, 2012
Land Bank of the Philippines v. Perez, G.R. No. 166884, June 13, 2012 Commercial Law | Trust Receipts Land Bank of the Philippines (LBP) granted Asian Construction and Development Corporation (ACDC) a credit line under an Omnibus Credit Line Agreement . ACDC used the LC/TR facility to acquire construction materials for major government projects such as the MRT, Clark Centennial Exposition, and Quezon Power Plant. ACDC officers Lamberto Perez, Nestor Kun, Ma. Estelita Angeles‑Panlilio, and Napoleon Garcia signed trust receipts covering materials worth ₱52,344,096.32 . LBP later demanded payment of ₱66,425,924.39 (TR availments) in a May 4, 1999 demand letter, but did not demand the return of the materials . ACDC officers explained that: the trust receipts were undated , they lacked description of goods, invoice values, and maturity dates , the materials were already delivered to construction sites with LBP’s knowledge, and no proceeds had been received from the general co...