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What is Country Bankers vs. Lagman: Bond Validity about?

Country Bankers Insurance Corporation issued warehouse bonds to Nelson Santos as the bond principal for his warehouse business. Lagman was listed as a surety on the bonds. When Santos defaulted on a loan secured using warehouse receipts, Country Bankers had to pay out under the surety bonds. Country Bankers then sued Lagman as a surety to recover the amount paid. The trial court ruled Lagman was liable, but the Court of Appeals reversed, finding the bonds were only effective for one year. However, the Supre

Author

MichelleMich Mangubat Descartin

Language

EN