100. VICTOR YAM AND YEK SUN LENT VS.

COURT OF APPEALS
G.R. NO. 104726 FEBRUARY 11, 1999

Doctrine:

The appointment of a receiver operates to suspend the authority of a corporation and of its directors
and officers over its property and effects, such authority being reposed in the receiver.

Facts:

Petitioner made its second loan amounting to P300,000.00. The private respondent was placed
under receivership by the central bank. Petitioner made partial payment on the second loan and
made proposal o the settlement of the loan.

Petitioner paid P410,854.87 from the total liability is at P727,001.35, which was paid thru a
check received by Destajo. Voucher for the check bears the notation “full payment of IGLF
loan”.

Demand letters were issued seeking payment of the balance, but was not heeded; hence the
filing by the respondent of an action.

Petitioner contends that they already paid the loan. Further contending that they met the
president of the respondent corporation, Sobrepenas, who agreed to waive the penalties and
service charges, reason why they only paid P410K. Also, the voucher reflects full payment of
the loan.

Issue:

Whether or not there is a valid condonation of the obligation of the petitioner by the President
of respondent corporation.

Ruling:

No. The Central Bank examiner assigned to the respondent corporation, Cristina Destajo
who signed the voucher in question. It was obvious that she had no authority to condone
any indebtedness, her duties being limited to “issuing official receipts, preparing check
vouchers and documentation.”

The appointment of a receiver operates to suspend the authority of a corporation and of its
directors and officers over its property and effects, such authority being reposed in the
receiver.” Thus, Sobrepeñas had no authority to condone the debt.