P.C. Javier & Sons, Inc.

v.
Court of Appeals
G.R. No. 129552
June 29, 2005

Facts:
Petitioner applied for a loan with the respondent. Payment of the loan made was
satisfied despite several demands. The respondent bank made schedules for extrajudicial
auction of the collateral made by the petitioner. Petitioner argued that it is justified to withhold
its payments to the respondent bank until such time they would have been properly notified of
the change in the corporate name because in this case the respondent bank changed its name
from First Summa Savings and Mortgage Bank to PAIC Savings and Mortgage Bank.

Issue:Whether or not a change in the corporate name creates a new corporation.

Ruling: No.

A change in the corporate name does not make a new corporation, whether effected by
a special act or under a general law. It has no effect on the identity of the corporation, or on its
property, rights, or liabilities because the corporation upon such change in its name, is in no
sense a new corporation, nor the successor of the original corporation.