G.R. No. L-56101. February 20, 1984. CORAZON PEREZ, petitioner, vs. HON. COURT OF APPEALS and MEVER FILMS, INCORPORATED, respondents. FA!"# 1.$NG%N%R& 'e(e)op*ent + Finane orporation is, or as, a o*pany enaed in /*oney *aret/ operations 2.a $n 3ay 8, 194, $NG%N%R& issued at as in eet a pro*issory note in te a*ount o 7111,9.58 7111,9.58 in a(or o bearer b earer No. 049, )ater identiied as Ra*on . 3$&A, or an entity oned by i*. !at pro*issory note, deno*inated ereinater as :i)) 1298, as to *ature on Auust 6, 194. b$n 3ay 15, 194, $NG%N%R& issued anoter bearer pro*issory note or te su* o 7208,666.6, a)so in a(or o 3$&A or an entity oned by b y i*. !e note, deno*inated ereinater as :i)) 1419, as to *ature on Auust 1, 194. .$n une 5, 194, 3%;%R Fi)*s, &n. te pri(ate respondent erein, borroed 7500,000.00 ro* $NG%N%R&, te or*er issuin in a(or o te )atter a neotiab)e p ro*issory note to *ature on Auust 5, 194. !at note sa)) ereinater be reerred to as N&-052. <at *ay be stated in onnetion it te note is tat it ad no pro(ision or interest, e=ept tat, i no t paid on due date, it ou)d be sub>et to interest at 14? per annu*. 4.$n u)y , 194, $NG%N%R& reei(ed 7200,000.00 ro* petitioner erein $RA@$N, or sort, and issued to er, as :%AR%R 209, a onir*ation o sa)e " n u*bered 066. nder te ter*s o "-066, $RA@$N as to be paid 720,48. on Auust 5, 194, $NG%N%R& ou)d *ae o))etion on bea) o $RA@$NB and ALL $F $NG%N%R&C" &N!%R%"! &N N&-052
et to deenses, ou)d a(e sued 3%;%R or pay*ent p ay*ent o te u)) a*ount o 7500,000.00, 7500,00 0.00, speia))y i $NG%N%R& sou)d not ob>et. &t *ay a)so be noted tat i)e N&-052 as not sub>et to interest prior to Auust 5, 194, $NG%N%R& ob)iated itse) to pay $RA@$N interest on Auust 5, 194 in te a*ount o 7,48., or rou)y an interest rate o 19? per annu*. 5.a $n Auust 5, 194, 3%;%R paid 7100,000.00 to $NG%N%R& on aount o N&-052. b$n te sa*e date o Auust 5, 194, $NG%N%R& paid $RA@$N te su* o 710,48., te 7,48. o*in ro* its on unds. 6.a $n Auust 6, 194, $NG%N%R& paid 3$&A te interest due on :i)) 1298, te prinipa) bein ro))ed-o(er to *ature on $tober 4, 194. !e ro))-o(er as annotated on te oriina) o :i)) 1298. b$n Auust 1, 194, $NG%N%R& paid 3$&A te te interest due on :i)) 1419, te prinipa) bein ro))ed-o(er to *ature on $tober 11, 194. !e ro))-o(er as annotated on :i)) 1419. .$n "epte*ber 9, 194, 3$&A assined :i)) 1298 and :i)) 1419 to 3%;%R trou a notariEed deed. 8.$n $tober , 194, 3%;%R surrendered te oriina)s o :i)) 1298 and :i)) 1419 to $NG%N%R&, and ased te )atter to o*pute te ba)ane o te aount o 3%;%R it $NG%N%R&, tain aount o te a*ounts o te to :i))s, i ba)ane 3%;%R ou)d ten pay.
9.a $n $tober , 194, 3%;%R as ser(ed it arnis*ent by te 7ro(inia) "eri o RiEa) in to o))etion ases i)ed aainst $NG%N%R& by to o its reditors ose redits tota)ed 7185,69.8. b$n te sa*e date o $tober , 194, $NG%N%R& ad(ised 3%;%R by te)epone tat o te oriina) a*ount o 7500,000.00 o N&-052, te su* o 7200,000.00 as so)d on u)y , 194 to a tird party, but not na*in $RA@$N as te tird party. 10.$n $tober 8, 194, $NG%N%R& onir*ed in ritin to 3%;%R te pre(ious /sa)e/ o 7200,000.00 out o te 7500,000.00 a*ount o N&-052B and ad(ised tat it ou)d not tae aount o te assin*ent to 3%;%R o :i)) 1298 and :i)) 1419. 11.$n No(e*ber 15, 194, 3%;%R turned o(er to te 7ro(inia) "eri o RiEa) %=ibit /5/, te su* o 79,59.5, i 3%;%R ad o*puted as te a*ount it as sti)) oin $NG%N%R& and i as sub>et to arnis*ent. 12.a $n $tober 2, 194, $NG%N%R& i)ed a 7etition or "uspension o 7ay*ents in i(i) ase No. 20212 o te ourt o First &nstane o RiEa). &n tat petition, 3%;%R as )isted as a debtor. b$n No(e*ber 11, 194, te ourt issued an order en>oinin $NG%N%R& ro* *ain any pay*ent to reditors. 1.&n subseuent proeedins in i(i) ase No. 20212, te ourt pro*u)ated an $rder, dated anuary 24, 195 %=ibit /10/, to te eet tat 3%;%R as not a debtor o $NG%N%R&, and said $rder as beo*e ina). 14.a $n u)y 14, 195, $RA@$N i)ed suit beore te ourt o First &nstane o RiEa) aainst 3%;%R or te reo(ery o 7100,000.00, p)us interest, da*aes, and attorneyCs ees. "e ad*its tat "-066 issued to er by $NG%N%R& as a /itout reourse/ instru*ent. b!e !ria) ourt rendered >ud*ent in a(or o $RA@$N and, upon er i)in a bond, se as ab)e to a(e e=eution pendin appea). 3%;%R ad to pay er 711,166.00 under te !ria) ourtCs >ud*ent. $n 3e(erCs appea), te ourt o Appea)s re(ersed te >ud*ent o te !ria) ourt. &""%# <eter or not te ob)iation is e=tinuised at te ti*e 3o>io assined te :i))s to 3e(er D%L'# &n te ase at bar, it as e)d tat "ine, on te respeti(e dates o *aturity, speiia))y, Auust 6, 194 and Auust 1, 194, respeti(e)y, Ra*on . 3o>ia as sti)) te o)der o tose bi))s, it an be sae)y assu*ed tat it as e o ad ased or te ro))-o(ers on te said dates. 3%;%R as bound by te ro))-o(ers sine te assin*ent to it as *ade on)y on "epte*ber 9, 194. !e ine(itab)e resu)t o te ro))-o(ers o te prinipa)s as tat :i)) No. 1298 and :i)) No. 1419 ere not yet due and de*andab)e as o te date o teir assin*ent by 3$&A to 3%;%R on "epte*ber 9, 194, nor as o $tober , 194 en 3%;%R surrendered said :i))s to $NG%N%R&. As a onseuene, no )ea) o*pensation ou)d a(e taen p)ae beause, or it to e=ist, te to debts, a*on oter reuisites, *ust be due and de*andab)e, as said by Arti)e 129 o te i(i) ode.
