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

Caltex provided fuel products to Angel dela Cruz, who used 280 certificates of time deposit (CTDs) issued by Security Bank as security for the purchases. Dela Cruz later claimed the CTDs were lost and Security Bank issued replacements. Dela Cruz took out a loan from Security Bank and assigned the CTDs to the bank. When Caltex tried to recover the value of the CTDs, Security Bank refused payment. The court ruled that (1) the CTDs were negotiable instruments since they stated the amounts were repayable to the

Author

Maureen Co

Language

EN