PHFor the curious, the case of Gov. Gwen Garcia of Cebu involves the purchase of a barge.
Gov. Garcia, in her personal capacity (not as governor) obtained an Irrevocable Documentary Credit from HSBC to purchase a barge. The credit was secured with a real estate mortgage covering two parcels of land, a Trust Receipt over the barge and a General surety Agreement Relating to Goods in favor of HSBC.
HSBC ρáíd the seller. But Gov. Garcia failed to make payments to HSBC.
HSBC sued Gov Garcia and her husband for payment and won. However, the spouses refused to turn over the barge or allow the service of the notice of writ of execution on the mortgage and contested this before the Court of Appeals where the judgment was modified. HSBC then raised the matter to the SC.
The Supreme Court ruled to deny the spouses’ petition saying that they were merely trying to delay the case and frowned on the dilatory tactics in repeatedly questioning the service or the validity of the writ of execution.
Link below.
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Gov. Garcia, in her personal capacity (not as governor) obtained an Irrevocable Documentary Credit from HSBC to purchase a barge. The credit was secured with a real estate mortgage covering two parcels of land, a Trust Receipt over the barge and a General surety Agreement Relating to Goods in favor of HSBC.
HSBC ρáíd the seller. But Gov. Garcia failed to make payments to HSBC.
HSBC sued Gov Garcia and her husband for payment and won. However, the spouses refused to turn over the barge or allow the service of the notice of writ of execution on the mortgage and contested this before the Court of Appeals where the judgment was modified. HSBC then raised the matter to the SC.
The Supreme Court ruled to deny the spouses’ petition saying that they were merely trying to delay the case and frowned on the dilatory tactics in repeatedly questioning the service or the validity of the writ of execution.
Link below.
You do not have permission to view the full content of this post. Log in or register now.