7/25/2019 Saura Import & Export Co Inc vs Dbp

http://slidepdf.com/reader/full/saura-import-export-co-inc-vs-dbp 1/1

SAURA IMPORT & EXPORT CO., INC. v. DBPG.R. No. L-2496827 Ap !" #972

$ACTS%

Saura Inc. applied to the Rehabilitation Finance Corp (before its conversion to DBP) for a loanof P500 000 secured first b! a "ort#a#e of the factor! buildin# to finance for the construction of a $ute "ill factor! and purchase of factor! i"ple"ents. RFC accepted and approved the loanapplication sub$ect to so"e conditions %hich Saura ad"itted it could not co"pl! %ith. &ithouthavin# received the a"ount bein# loaned and sensin# that it could not at an!%a! obtain the fulla"ount of loan Saura then as'ed for cancellation of the "ort#a#e %hich RFC also approved.

ine !ears after the cancellation of the "ort#a#e Saura sued RFC for da"a#es for its nonfulfill"ent of obli#ations ar#uin# that there %as indeed a perfected consensual contract bet%eenthe".

ISSUES%

*) &+ there %as a perfected consensual contract,) &+ there %as a real contract of loan %hich %ould %arrant recover! of da"a#es arisin# out

of breach of such contract

ELD%

*) - S. /here %as indeed a perfected consensual contract as reco#ni ed in 1rticle *234 of the Civil Code. /here %as undoubtedl! offer and acceptance in this case the application of Saura Inc. for a loan of P500 000 %as approved b! resolution of the defendant and thecorrespondin# "ort#a#e %as e6ecuted and re#istered.

2) +. /he action ta'en b! both parties7Saura8s re9uest for cancellation and RFC8s

subse9uent approval of such cancellation7%as in the nature of "utual desistance 7 %hat:anresa ter"s ;"utuo disenso;7 %hich is a "ode of e6tin#uishin# obli#ations. It is aconcept derived fro" the principle that since "utual a#ree"ent can create a contract"utual disa#ree"ent b! the parties can cause its e6tin#uish"ent. In vie% of suche6tin#uish"ent said perfected consensual contract to deliver did not constitute a realcontract of loan.