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PHILIPPINE NATIONAL BANK v. HYDRO RESOURCES
CONTRACTORS CORPORATION G.R. No. 167530, March 13, 2013 djao @ soundclick

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PHILIPPINE NATIONAL BANK v. HYDRO RESOURCES CONTRACTORS ► 2017 (15)
CORPORATION
▼ 2016 (32)
G.R. No. 167530, March 13, 2013
► September
Corporation Law Case Digest by John Paul C. Ladiao (15 March 2016) (1)
(Topic: Doctrine of Piercing the Veil of Corporate Fiction) John Paul ► August (1)
Claro Ladiao
FACTS: ▼ April (30)
I'm a.k.a. "djao" &
JULIAN E.
into: World of
Sometime in 1984, petitioners DBP and PNB foreclosed on certain mortgages made TUASON
Warcraft, v. LA
on the properties of Marinduque Mining and Industrial Corporation (MMIC). As a Mahjong, DJ PREVISO
result of the foreclosure, DBP and PNB acquired substantially all the assets of Turntablism/Sampl RA
MMIC and resumed the business operations of the defunct MMIC by organizing ing, Violin fiddling, FILIPINA
G.R. No...
NMIC.7 DBP and PNB owned 57% and 43% of the shares of NMIC, respectively, New School Metal
except for five qualifying shares. As of September 1984, the members of the Board Riffing, Stand-Up VICENTE
Comedian, SABALVA
of Directors of NMIC, namely, Jose Tengco, Jr., Rolando Zosa, Ruben Ancheta, RO v.
Gundam
Geraldo Agulto, and Faustino Agbada, were either from DBP or PNB. ERLANGE
Modeler/Collector, R&
into the music of GALINGE
Subsequently, NMIC engaged the services of Hercon, Inc., for NMIC’s Mine
Slipknot/Slayer/So R, INC.
Stripping and Road Construction Program in 1985 for a total contract price of ulfly/Eminem/Sepu G....
P35,770,120. After computing the payments already made by NMIC under the ltura/Death Threat, Edward J.
program and crediting the NMIC’s receivables from Audio CD Nell Co. v.
Hercon, Inc., the latter found that NMIC still has an unpaid balance of collecting, drifting Pacific
1/10 RC racing, Farms Inc.
P8,370,934.74.10 Hercon, Inc. made several demands on NMIC, including a letter
G.R. No....
of final demand dated August 12, 1986, and when these were not heeded, a Transformers
complaint for sum of money was filed in the RTC of Makati, Branch 136 seeking to Generation 1 JOSE
collecting, falsetto REMO,
hold petitioners NMIC, DBP, and PNB solidarily liable for the amount owing Hercon, JR. v. THE
and throat vocals,
Inc. HON.
Jah Rastafarian, INTERME
Makamasang DIATE
Subsequent to the filing of the complaint, Hercon, Inc. was acquired by HRCC in a Pinoy, Cebuano, APPELLA
merger. Ilonggo, TE ...
Labandero, Poet, Nestle
Thereafter, on December 8, 1986, then President Corazon C. Aquino issued HIPHOP and a Philippines
Proclamation No. 50 creating the APT for the expeditious disposition and very happy man in Inc. v.
spite of my hard Court of
privatization of certain government corporations and/or the assets thereof. Pursuant Appeals
life nowadays.
to the said Proclamation, on February 27, 1987, DBP and PNB executed their G.R. ...
Uses & Abuses:
respective deeds of transfer in favor of the National Government assigning, RURAL
Ibanez RG7321
transferring and conveying certain assets and liabilities, including their respective BANK OF
(7-string) &
stakes in NMIC. In turn and on even date, the National Government transferred the SALINAS,
BOSS/ZOOM INC. v.
said assets and liabilities to the APT as trustee under a Trust Agreement. multi effects, COURT
Tamiya TT-01 PVC OF
ISSUE: drifting RC, APPEALS
modified PSP, nike G...
& adidas TAN v.
Whether or not there is sufficient ground to pierce the veil of corporate fiction of sneakers, Air SECURITI
Jordans, ES AND
NMIC and held DBP and PNB solidarily liable with NMIC?
EXCHAN
FUBU/Dickies
GE
shirts & jeans, COMMISS
RULING:
fissan foot powder, ION G.R.
perla papaya No...
No. laundry soap, PHILIPPINE
clorets, Tamiya NATIONAL
From all indications, it appears that NMIC is a mere adjunct, business conduit or spraywork BANK v.
alter ego of both DBP and PNB. Thus, the DBP and PNB are jointly and severally airbrush, Yamaha BITULOK
liable with NMIC for the latter’s unpaid obligations to plaintiff. acoustic guitars, SAWMILL
INC. ...
Prilliante Acoustic
Then concluded that, "in keeping with the concept of justice and fair play," the Violins, Fender & NATIONAL
Gibson electric EXCHAN
corporate veil of NMIC should be pierced. GE CO.,
guitars, Alienware
For to treat NMIC as a separate legal entity from DBP and PNB for the purpose of INC., v.
computers, I.B.
securing beneficial contracts, and then using such separate entity to evade the
Stanley tools, DEXTER
payment of a just debt, would be the height of injustice and iniquity. Surely that Blacks & Decker G.R. ...
could not have been the intendment of the law with respect to corporations. Impact drills, PHILIPPINE
WOW magic sing LONG
The doctrine of piercing the corporate veil applies only in three (3) basic areas, and ngilngig nga DISTANC
namely: 1) defeat of public convenience as when the corporate fiction is used as a HUMBA. E
TELEPHO
vehicle for the evasion of an existing obligation; 2) fraud cases or when the View my complete NE
corporate entity is used to justify a wrong, protect fraud, or defend a crime; or 3) profile COMPAN
alter ego cases, where a corporation is merely a farce since it is a mere alter ego or Y v.
NATI...
business conduit of a person, or where the corporation is so organized and
controlled and its affairs are so conducted as to make it merely an instrumentality, LEON J.
LAMBERT
agency, conduit or adjunct of another corporation.
v. T. J.
Posted by John Paul Claro Ladiao at 10:52 PM FOX 1914
Jan 29,
Labels: case digest, corporation law G.R. No...
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