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8 METROPOLITAN BANK AND TRUST COMPANY V. CHIOK contained therein.

And even without the prayer for a specific


26 NOVEMBER 2014 | LEONARDO-DE-CASTRO remedy, proper relief may nevertheless be granted by the court if
TOPIC: RELATIVITY the facts alleged in the complaint and the evidence introduced so
warrant.
FACTS: b. That Chiok had intended rescission is evident from his prayer to be
1. Chiok had been engaged in dollar trading for several years. He maintained declared the legal owner of the proceeds of the subject checks and
accounts with Metropolitan Bank (MetroBank) and Global Bank. Chiok to be allowed to withdraw the same.
entered into a Bills Purchase Line Agreement (BPLA) with GHlobal Bank
wherein checks drawn in favor of or negotiated to Chiok may be purchased ISSUE: WON the Chiok have a cause of action against Metrobank and Global that
by Global Bank. would allow him to rescind the contracts of sale of the manager’s or cashier’s check?
a. Upon such purchase, Chiok receives a discounted cash equivalent
of the amount of the check. HELD: NO.
2. Pursuant to the BPLA, Global “bills purchased” Security Bank Manager’s  The cause of action supplied by Article 1191 is clearly predicated upon the
check in the amount of 25M issued in the name of Chiok. On the same day, reciprocity of the obligations of the injured party and the guilty party.
Global issued a check to Nuguid pursuant to the instruction of Chiok and was Reciprocal obligations are those which arise from the same cause, and in
debited from his accout. which each party is a debtor and a creditor of the other, such that the
3. Chiok then deposited 3 checks to Nuguid’s account with Far eastern Bank. obligation of one is dependent upon the obligation of the other. They are to
Nuguid was supposed to deliver 1M dollars of the equivalent 3 checks, be performed simultaneously such that the performance of one is
however Nuguid failed to do so prompting Chiok to request that payment of conditioned upon the simultaneous fulfillment of the other.
the 3 checks be stopped.  When Nuguid failed to deliver the agreed amount to Chiok, the latter had a
4. Chiok filed a complaint for damages and TRO against Nuguid, Global and cause of action against Nuguid to ask for the rescission of their contract. On
Metrobank. RTC issued the TRO directing the spouses Nuguid to refrain from the other hand, Chiok did not have a cause of action against Metrobank and
presenting the said checks for payment. Global Bank that would allow him to rescind the contracts of sale of the
5. Far eastern Bank filed a motion to intervene, which was granted. It manager’s or cashier’s checks, which would have resulted in the crediting of
contended that Global was deemed to have confirmed and booked payment the amounts thereof back to his accounts.
of the subject checks in favor of FEBTC or, at the latest, during the first  Otherwise stated, the right of rescission under Article 1191 of the Civil Code
banking hour of July 6, 1995, when payment should have been made. can only be exercised in accordance with the principle of relativity of
a. That Global exhibited bad faith when, in anticipation of the TRO, it contracts under Article 1131 of the same code, which provides:
opted to float the checks until it received the TRO. o Contracts take effect only between the parties, their assigns and
6. RTC: ruled in favor of Chiok and ordered Global and Metrobank to pay Chiok. heirs, except in case where the rights and obligations arising from
It held that Nuguid failed to prove the delivery of dollars to Chiok. According the contract are not transmissible by their nature, or by stipulation
to the RTC, Nuguid’s claim that Chiok was still liable for seven dishonored or by provision of law.
China Banking Corporation (CBC) checks with a total worth of  Principle of relativity of contracts under Article 1131, contracts can only bind
P72,984,020.00 is highly doubtful since such claim was not presented as a the parties who entered into it, and it cannot favor or prejudice a third
counterclaim in the case. person, even if he is aware of such contract and has acted with knowledge
7. Now the issue arose in the CA. The CA affirmed the ruling of RTC with some thereof. Metrobank and Global Bank are not parties to the contract to buy
modifications. It ordered The contract to buy foreign currency in the amount foreign currency between Chiok and Nuguid. Therefore, they are not bound
of $1,022,288.50 between plaintiff-appellee Wilfred N. Chiok and defendant by such contract and cannot be prejudiced by the failure of Nuguid to
Gonzalo B. Nuguid is to be rescinded. comply with the terms thereof.
a. Although the complaint a quo was entitled “DAMAGES, W/ EX
PARTE RESTRAINING ORDER/INJUNCTION” when the action was
really one for rescission and damages, it is an elementary rule of
procedure that what controls or determines the nature of the
action is not the caption of the complaint but the allegations