Court awards over P1M to widower over BPI collection suit
Judgment has been rendered in favor of an Ilonggo widower who sued the Bank of the Philippine Islands (BPI) for collection of money and damages.
Docketed as Civil Case No. 06-28822, Judge Narciso Aguilar of Branch 33, 6th Regional Trial Court (RTC) ruled in favor of the plaintiff in a case that was filed back in March of 2006.
Main issue at hand were bank certificates worth P750,000 in possession of the plaintiff that were then refused payment by the BPI.
Called "Silver Certificates of Deposit," it was originally bought from the Far East Bank and Trust Company (FEBTC) that eventually merged with the BPI.
Court records obtained by The News Today (TNT) showed arguments of the defense maintaining that no payment was due to the plaintiff-widower. Such, a bank manager cum witness said, was because upon the said merging, no silver certificates nor custodian certificates were outstanding.
"Per records received from BPI Head Office, there was no outstanding silver certificate of deposits because all these instruments were liquidated on the 25th of the month after issuance," excerpts of the Decision went.
Further still, the defense witnesses averred, it does not follow that because the plaintiff still had the original certificates in possession, those remained unpaid.
The Court believed otherwise.
"After due consideration, the Court finds that the plaintiff has shown the existence of the validity of his cause of action… The evidence of the plaintiff considered vis-à-vis with that of the defendant showed sufficiency to sustain the former's cause of action," the Decision further went. "Plaintiff's cause of action finds support in law and jurisprudence…"
"In the world of commerce, especially in the field of banking, the promised word is crucial. Once given, it may no longer be broken," jurisprudence of Allied Banking Corporation vs. CA 294 SCRA 803 as cited stated.
"The fact that the plaintiff still has copy of the Custodian Certificate of the Silver Certificates of Time Deposit is material, contrary to the stance of defendant, as it is inconceivable that the bank would make payment without requiring the surrender thereof," it continued. "It is clear from the evidence that defendant bank has failed to live up to the standards set forth in the foregoing insofar as the subject matter of this case is concerned. "
As such, the Court further found basis on the widower's claim for damages, both moral and exemplary.
"Plaintiff has proved the moral suffering he incurred as a result of defendant's refusal to honor its obligation under the certificates it issued to plaintiff's wife in her lifetime," the Decision added. "Plaintiff is likewise entitled to the recovery of exemplary damages appurtenant to his being awarded moral damages… since it is proven that defendant acted in an oppressive manner in refusing to honor the plaintiff's claim under the certificates mentioned in the foregoing and to effect payment thereof."
Judgment as rendered ordered BPI to pay the P750,000 worth of bank certificates plus legal interest accrued, P100,00 moral damages and P100,000 exemplary damages.
Another P75,000 for attorney's fees plus costs of the suit also formed part of the judgment.
The plaintiff was assisted by lawyers, Cornelio Panes and associate, Joviel Edama.