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MWSS V Daway by ab_munsayac3434 is a document available to read on EtoBox.

What is MWSS V Daway about?

The rehabilitation court exceeded its authority by enjoining MWSS from drawing on an irrevocable standby letter of credit issued by banks in favor of MWSS to secure payments by Maynilad, as the court did not have jurisdiction over the letter of credit. An irrevocable letter of credit creates a primary obligation on the bank to pay upon presentation of documents, rather than a guarantee, so the banks were not sureties of Maynilad subject to the rehabilitation proceedings.

Author

ab_munsayac3434

Language

EN