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What is Insular Savings Bank vs. Far East Bank Case Summary about?

Insular Savings Bank filed a motion to discharge the attachment on P12.6M of disputed funds by posting a counter-bond in that amount. The trial court denied the motion, factoring in unliquidated damages claims by Far East Bank in calculating the proper bond amount. The Supreme Court ruled that unliquidated claims should not be included in determining the counter-bond, as the bond is meant to correspond to the principal claim amount. Here, the principal claim of P25M represented the value of three unfunded c

Author

Chris Ronnel Cabrito Catubao

Language

EN