This case has been cited 1 times or more.
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2005-08-12 |
CALLEJO, SR., J. |
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| In any case, petitioner PNCC, as majority stockholder, may not be held liable for UITC's obligation. A corporation, upon coming into existence, is invested by law with a personality separate and distinct from those persons composing it as well as from any other legal entity to which it may be related.[38] The veil of corporate fiction may only be disregarded in cases where the corporate vehicle is being used to defeat public convenience, justify a wrong, protect fraud, or defend a crime.[39] Mere ownership by a single stockholder or by another corporation of all or nearly all of the capital stock of a corporation is not of itself sufficient ground for disregarding the separate corporate personality.[40] To disregard the separate juridical personality of a corporation, the wrongdoing must be clearly and convincingly established.[41] | |||||