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What is Caltex vs. Security Bank: CTD Dispute about?

This document is a court decision regarding certificates of time deposit (CTDs) issued by Security Bank and Trust Company. [1] Security Bank issued 280 CTDs totaling 1.12 million pesos in favor of Angel dela Cruz, who later delivered them to Caltex (Philippines), Inc. as security for fuel purchases. [2] Dela Cruz later claimed the CTDs were lost and Security Bank issued replacements, then Dela Cruz took out a loan from Security Bank and assigned the CTDs to the bank. [3] When Caltex tried to redeem the or

Author

Jose Antonio Barroso

Language

EN