G.R. No. 159352 - PREMIERE DEVELOPMENT BANK, VS. COURT OF APPEALS, PANACOR MARKETING CORPORATION AND ARIZONA TRANSPORT CORPORATION. D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, judgment is hereby rendered in favor of the plaintiff Panacor Marketing Corporation and against the defendant Premiere Bank, ordering the latter to pay the former the following sums, namely: 1) P4,520,000.00 in addition to legal interest from the time of filing of the complaint until full payment; 2) P1,000,000.00 as and for exemplary damages; 3) P100,000.00 as and for reasonable attorneys fees; and 4) Costs of suit. Similarly, judgment is hereby rendered in favor of plaintiff-in-intervention IBA-Finance Corporation as against defendant Premiere bank, as follows, namely: 1) Ordering defendant Premiere Bank to release to plaintiff-intervenor IBA-Finance Corporation the owners duplicate copy of Transfer Certificate of Title No. 3475 registered in the name of Arizona Haulers, Inc. including the deed of cancellation of the mortgage constituted thereon; 2) Ordering the defendant Premiere Bank to pay to Intervenor IBA-Finance, the following sums, to wit: 3) P1,000,000.00 as and by way of exemplary damages; and 4) P100,000.00 as and for reasonable attorneys fees; and 5) Costs of suit. For lack of sufficient legal and factual basis, the counterclaim of defendant Premiere Bank is DISMISSED. SO ORDERED.