Professional Documents
Culture Documents
Trust Receipt Case Digest
Trust Receipt Case Digest
1. Ng vs People
2. Hur Tin Yang vs People
3. LBP vs Peres
4. Crisologo vs People
5. Sps. Dela Cruz vs PPI
1. Ng vs People
Facts:
Anthony Ng was engaged in the
business of building and fabricating
telecommunication towers under the
trade name Capitol Blacksmith and
Builders. Petitioner applied for a credit
line of Php 3,000,000 with Asia trust.
In support of Asia trusts credit
investigation,
petitioner
voluntarily
submitted the following documents: (1)
the contracts he had with Islacom,
Smart, and Infocom; (2) the list of
projects wherein he was commissioned
by
the
said
telecommunication
companies to build several steel towers;
and (3) the collectible amounts he has
with the said companies.
Asiatrust approved petitioners loan
application.
Petitioner
was
then
required to sign several documents,
among which are the Credit Line
Agreement, Application and Agreement
for Irrevocable L/C, Trust Receipt
Agreements,[4] and Promissory Notes.
4. Crisologo vs People
Facts:
Petitioner is the President of Novachem.
He applied for commercial letters of
credit from private respondent China
Banking Corporation (Chinabank) to
finance the purchase of amoxicillin
trihydrate micronized from Hyundai
Chemical Company based in Seoul,
South Korea and glass containers from
San
Miguel
Corporation
(SMC).
Subsequently,
Chinabank
issued
Letters of Credit. After petitioner
received the goods, he executed for and
in
behalf
of
Novachem
the
corresponding trust receipt agreements
in favor of Chinabank.
Chinabank filed a Complaint-Affidavit
charging petitioner for violation of P.D.
No. 115 in relation to Article 315 1(b) of
the RPC for his purported failure to
turn-over the goods or the proceeds
from the sale, despite repeated
demands.
The RTC Decision acquitted the
petitioner of the charges for violation of
P.D. No. 115 in relation to Article 315
1(b) of the RPC, but adjudged him
civilly liable under the subject letters of
credit. The Court of Appeals (CA) in
to be personally
corporations debts.
liable
for
the
Facts:
Spouses Dela Cruz, petitioners herein,
operated the Barangay Agricultural
Supply. At the time material to the
case, Quirino, a lawyer, was the
Municipal Mayor of Aliaga, Nueva Ecija.
Gloria applied for and was granted by
respondent Planters Products, Inc. (PPI)
a regular credit line of P200,000.00 for
a 60- day term, with trust receipts as
collaterals.
Spouses submitted a list of their assets
in support of her credit application for
participation in the Special Credit
Scheme (SCS) of PPI. Gloria signed in
the presence of the PPI distribution
representative "Trust Receipt/Special
Credit Scheme," indicating the invoice
number, quantity, value, and names of
the agricultural inputs she received
"upon the trust" of PPI.
The 60-day credit term lapsed without
Gloria paying her obligation under the
Trust Receipt/SCS. Hence, PPI wrote
collection letters to her.
PPI alleged that Gloria had violated the
fiduciary undertaking in the Trust
Receipt agreement covering product
withdrawals under the Special Credit
Scheme which were subsequently
charged to defendant dealers regular