This case has been cited 1 times or more.
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2009-01-19 |
NACHURA, J. |
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| Petitioner appealed the aforesaid order to the CA. Petitioner, however, failed to persuade the appellate court which affirmed the RTC's disposition. The CA sustained the validity of the continuing surety agreement signed by petitioner. The suretyship, according to the CA, was not limited to a single transaction; rather, it contemplated a future course of dealing, covering a series of transactions, generally for an indefinite time or until revoked.[11] To buttress its conclusion, the CA cited Atok Finance Corporation v. Court of Appeals,[12] which it held to be "on-all-fours" with the instant case. Finally, the CA declared that petitioner's liability as a surety was not negated by the trial court's finding that he did not, in any way, participate in the alleged "kiting operations" or connive with Antiquera in committing the acts of defraudation, saying that petitioner's liability as a surety was separate and distinct from the fraudulent acts of which he was found innocent.[13] | |||||