This case has been cited 1 times or more.
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2003-03-31 |
AUSTRIA-MARTINEZ, J. |
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| On May 10, 1993, Eduardo K. Litonjua, Sr. and Aurelio J. Litonjua (Litonjuas, for brevity) filed a Complaint[2] before the Regional Trial Court of Pasig against the Bank of America NT&SA and Bank of America International, Ltd. (defendant banks for brevity) alleging that: they were engaged in the shipping business; they owned two vessels: Don Aurelio and El Champion, through their wholly-owned corporations; they deposited their revenues from said business together with other funds with the branches of said banks in the United Kingdom and Hongkong up to 1979; with their business doing well, the defendant banks induced them to increase the number of their ships in operation, offering them easy loans to acquire said vessels;[3] thereafter, the defendant banks acquired, through their (Litonjuas') corporations as the borrowers: (a) El Carrier[4]; (b) El General[5]; (c) El Challenger[6]; and (d) El Conqueror[7]; the vessels were registered in the names of their corporations; the operation and the funds derived therefrom were placed under the complete and exclusive control and disposition of the petitioners;[8] and the possession the vessels was also placed by defendant banks in the hands of persons selected and designated by them (defendant banks).[9] | |||||