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What is Saura Inc. vs DBP: Contract Perfection Case about?

Saura Inc. applied for a 500,000 peso loan from DBP (then RFC) to construct a factory building and purchase machinery. The loan was approved by RFC through Resolution 145. However, RFC later cancelled the mortgage and refused to release the loan. Saura Inc. sued RFC for breach of contract. The trial court ruled in favor of Saura Inc., finding there was a perfected contract between the parties that RFC breached. On appeal, the Supreme Court affirmed, finding that approval of the loan application and executio

Author

Micah Clark-Malinao

Language

EN