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THE Supreme Court (SC) has ordered Marcopper Mining Corporation to
pay Rizal Commercial Banking Corporation (RCBC) the amount of $5.425
million or some P300 million, representing the former’s
outstanding loan obligations to the bank.
The SC Second Division, in a 17-page decision
penned by Associate Justice Leonardo Quisumbing, also ordered
Marcopper to pay the penalty equivalent to 36 percent per annum, as
well as lawyer’s fees equivalent to 20 percent of the total amount
due.
The Court’s decision set aside an earlier
resolution of the Court of Appeals issued on June 6, 2005 and
December 8, 2005 respectively, which ordered the bank to execute a
deed of partial release from mortgage of six Rig Haul Trucks, one
Demag Hydraulic Excavator Shovel and shares of stock of the Baguio
Country Club, Canlubang Golf and Country Club, Philippine Columbian
Association and Puerto Azul Beach and Country Club in favor of
Marcopper.
Marcopper argued that RCBC has agreed to execute
a deed of release from mortgage and pledge of the said properties in
exchange for the assignment to the bank of its Forbes Park property.
But the Court dismissed it, saying that based on
the review of the written exchanges between the two parties, no
written agreement was ever executed for a partial release of
mortgage and pledge upon assignment of the Forbes Park property.
The Court also gave credence to the bank’s
assertion that it did not have an obligation to release any mortgage
or pledge because the parties did not have any agreement for RCBC to
do so.
“Marcopper cannot renege on its obligation to
pay the promissory notes under the pretext that there was a previous
agreement between the parties for RCBC to effect a partial release
of mortgage and pledge upon assignment to it of the Forbes Park
property,” the SC ruled.
The Court also noted that RCBC agreed to a
partial release of the mortgaged properties only in its letters
dated December 15, 1997 and December 17, 1997 on the condition that
Marcopper first pay the first amortization that was due on November
24, 1997.
The High Tribunal pointed out that Marcopper
anchored its assertion that it has an agreement with RCBC based on
the testimonies of its witnesses who claimed the two firms had
agreed on July 3, 1997 to the release of the mortgage and pledge
properties as a condition to the assignment of the Forbes Park
property and ultimately the payment of the promissory notes.
But the Court said the first time that Marcopper
mentioned the release of the pledges of club shares was in its
letter dated November 24, 1997.
“If it were true, as asserted by Marcopper’s
witnesses, that RCBC had committed to release the mortgage and
pledge during the July 3, 1997 meeting, Marcopper would not have
delivered the additional pledge after the Forbes Park property had
been assigned to RCBC. That it did so proves that the assignment of
the Forbes Park property was not made of the condition Marcopper
claims,” the Court added.
Concurring with the ruling were Associate
Justices Conchita Carpio Morales, Dante Tinga and Presbitero
Velasco, Jr. William B. Depasupil
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