PNB v SAYO, JR.
ISSUE: WoN PNB is entitled to the stocks of sugar as the endorsee
FACTS
- Noahs Ark Sugar Refinery (Noahs) issued several
warehouse receipts (quedans), which were negotiated to
Rosa, RNS and St. Therese (vendees), which were again
negotiated to Luis and Cresencia, which they (Luis and
Cresencia) endorsed to PNB as security for 2 loan
agreements.
o Transfer of quedans Noahs Rosa, RNS and St.
Therese Luis and Cresencia PNB
- Luis and Cresencia failed to pay their loans hence PNB
demanded delivery of sugar stocks, however, Noahs Ark
refused, alleging ownership thereof.
- Noahs Ark contended that the agreement made by them
with the vendees was stopped since the bank dishonored
the payments made by the vendees to Noahs Ark. As such,
the vendees and the endorsers of the quedans never
acquired ownership thereof.
- Noahs Ark claimed for warehousemans lien for the storage
of the goods.
- LC granted lien
- PNB appealed
of the quedans, without paying the lien
SC: YES
- While PNB is entitled to the stocks of sugar as the endorsee
of the quedans, delivery to it shall be effected only upon
payment of the storage fees.
- The warehouseman is entitled to the warehousemans lien
that attaches to the goods invokable against anyone who
claims a right of possession thereon.
- However, in this case, the lien was lost when R refused to
deliver the goods, which were not anchored to a valid
excuse (i.e. non satisfaction of W/Hman Lien) but on an
adverse claim of ownership.
- The loss of W/H Mans lien does not necessarily mean the
extinguishment of the obligation to pay the W/H fees and
charges which continues to be a personal liability of the
owners, PNB in this case. However, such fees and charges
have ceased to accrue from the date of the rejection by
Noahs Ark to heed the lawful demand for the release of the
goods.