![]() ![]() With the dismissal of its complaint, Tabujara interposed his appeal before the CA and argued that the RTC erred in finding that sole liability for re-payment of his money placement belongs to IFSC. WHEREFORE, foregoing premises considered, the instant case as against is hereby DISMISSED. ![]() In disposal, the RTC Decision dated Januheld: Nevertheless, since IFSC is under rehabilitation, the RTC held that the latter's assets are held in trust for the equal benefit of the creditors and Tabujara should not be paid ahead of the others. The RTC found that Abacus never guaranteed nor secured the obligations of IFSC which is the actual and real borrower of Tabujara's money and against which the latter has a cause of action. The complaint as against IFSC was dismissed on the ground of lack of jurisdiction while the same proceeded against Abacus.īy way of defense, Abacus insisted that Tabujara directly transacted with IFSC and that its involvement therein was limited only to acting as collecting and paying agent for Tabujara. In its Complaint, Tabujara alleged, among others, that his investment was co-mingled with the monies of other investors to support the credit line facility in the amount of P700,000,000.00 which Abacus issued in favor of IFSC. The interest due, however, ceased to be paid come January 2002, prompting Tabujara to file his complaint a quo against Abacus and IFSC for collection of sum of money with damages. Pursuant to IFSC's rehabilitation plan, Tabujara received interest payments from Abacus for the period Januto December 31, 2001. Meantime, IFSC's Petition for Declaration of Suspension of Payments was raffled to a regular court and was subsequently treated as a petition for rehabilitation. Upon maturity of the loan on August 7, 2000, Tabujara did not receive either the interest amount or the principal. Learning of this development, Tabujara gave notice to Abacus and IFSC that he is opting to pre-terminate his money placement. This petition was granted by the SEC and consequently, all actions for claims against IFSC were immediately suspended. However, on Jor shortly after Tabujara placed his investment, IFSC filed with the Securities and Exchange Commission (SEC) a Petition for Declaration of Suspension of Payments. To confirm the money placement, Abacus issued to Tabujara a "Confirmation of Investment" slip stating as follows: ![]() Abacus, in turn, lent the P3,000,000.00 to Investors Financial Services Corporation (IFSC, formerly CIPI Leasing and Finance Corporation) with a term of 32 days. On July 6, 2000, Tabujara engaged Abacus as his lending agent for purposes of investing his money in the principal amount of P3,000,000.00. Tabujara (Tabujara) for the amount of his investment with interest and damages.Ībacus is an investment house engaged in activities related to dealing in securities and other commercial papers. Contrary to the RTC's findings, the CA held petitioner Abacus Capital and Investment Corporation (Abacus) liable to respondent Dr. ![]() 93250 which reversed the Decision dated Januof the Regional Trial Court (RTC) of Pasig City, Branch 153. This Petition for Review on Certiorari under Rule 45 of the Rules of Court assails the Decision dated Jof the Court of Appeals (CA) in CA-G.R. ![]()
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