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PNB v. Manila Surety: Agent Negligence by June Vincent Ferrer III is a document available to read on EtoBox.

This case involves a dispute between PNB bank, ATACO corporation, and Manila Surety over a loan guaranteed by Manila Surety. PNB was negligent in its duty to actively collect payments owed to ATACO from the Bureau of Public Works, instead allowing other creditors to collect over $173,000 when PNB was owed only $158,563.18. The Court found that PNB had an exclusive power of attorney to collect the funds and breached its duty of diligence, exonerating Manila Surety from obligation. PNB

Author

June Vincent Ferrer III

Language

EN