G.R. NO. 155099 - SECURITY BANK CORPORATION, VS. JUDGE MANUEL D. VICTORIO, REGIONAL TRIAL COURT, MAKATI CITY, BRANCH 141; THE TRADE AND INVESTMENT DEVELOPMENT CORPORATION OF THE PHILIPPINES, AND THE MAR FISHING COMPANY, INC..D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, it is respectfully prayed that: The Complaint be dismissed for being totally unmeritorious; After hearing on the counterclaim, to render judgment ordering plaintiff to pay defendant: (a) P1,000,000 as damages to its goodwill and prestige; (b) Exemplary damages in an amount left to the sound discretion of this Honorable Court; (c) P40,000 as attorney's fees; (d) Expenses of litigation as shall be proven at the trial; and (e) The costs of this suit; In the event that judgment be rendered ordering the defendant third-party plaintiff to pay plaintiff any amount claimed in the latter's complaint, to render judgment simultaneously ordering the third-party defendant to pay third-party plaintiff whatever amount is adjudged to be paid by the third-party plaintiff to the plaintiff, plus attorney's fees, litigation expenses and costs; In default of such payment by the third-party defendant, that the above-described mortgaged property be sold and the proceeds of the sale be applied to the partial payment of the amounts due to the third-party plaintiff from the third-party defendant; During the pendency of this case, that the third-party plaintiff be appointed as the receiver of the mortgaged property as well as to the earnings, rents, issues, profits and other income thereof with such other powers as this Honorable Court may confer; For execution for the deficiency which will remain unpaid after applying the proceeds of said sale. Defendant Third-Party Plaintiff prays for such other and further relief, general and special, as it may appear entitled to, in law and in equity. [10] In its Answer to the third-party complaint, MFCI alleged, inter alia , that (a) the mortgage contract executed by it and the third-party plaintiff was not the proper subject of the third-party complaint as it was not in respect of SBC's complaint, nor did it arise from the same transaction subject of the original complaint; and (b) assuming that SBC as third-party plaintiff was entitled to subrogation and/or reimbursement, its liability to was limited to those amounts or expenses secured by it under the Loan Agreement and Standby Credit Line Agreement; (c) the third-party complaint was premature as there had been as yet no judgment against it based on the Loan Agreement. [11] MFCI prayed that judgment be rendered in its favor, thus: WHEREFORE, it is respectfully prayed: The Third-Party Complaint be dismissed for lack of merit; After hearing on the counterclaim, judgment be rendered against Third-Party Plaintiff to pay Third-Party Defendant the sum of P50,000.00, as and by way of attorney's fees, as well as cost of suit. [12] In a separate transaction, the MFCI obtained loans from Export Credit Corporation of Canada (EDC) in August, 1981, guaranteed by the Philippine Export and Foreign Loan Guarantee Corporation (PHILGUARANTEE), covered by LG No. 81-383F and 385F. PHILGUARANTEE later became the Trade and Investment Development Corporation of the Philippines (TIDCORPP). Beca