CASE 2014-0032: GILAT SATELLITE NETWORKS, LTD., PETITIONER, – VERSUS – UNITED COCONUT PLANTERS BANK GENERAL INSURANCE CO., INC., RESPONDENT. (G .R. NO. 189563, 17 APRIL 2014, SERENO, CJ) SUBJECT/S: LIABILITY OF SURETY (BRIEF TITLE: GILAT SATELLITE VS. UCPB)
DISPOSITIVE:
“WHEREFORE, the Petition for Review on Certiorari is hereby GRANTED. The assailed Decision and Resolution of the Court of Appeals in CA-G.R. CV No. 89263 are REVERSED. The Decision of the Regional Trial Court, Branch 141, Makati City is REINSTATED, with MODIFICATION insofar as the award of legal interest is concerned. Respondent is hereby ordered to pay legal interest at the rate of 6% per annum from 5 June 2000 until the satisfaction of its obligation under the Suretyship Contract and Purchase Agreement.
SO ORDERED.”
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J.A.B. Bulao & Associates 