Salvacion Vs Central Bank
Salvacion Vs Central Bank
Facts:
Salvacion was frequently abused by Barteli, a foreigner. Salvacion filed a case
against Barteli for which she won and awarded damages. However, the only
property found by the sheriff is a foreign currency deposit with China Bank. When a
notice of garnishment was presented with China Bank, the bank did not honor the
writ contending that it is a violation of FCDA and there was no written permission
coming from Barteli.
Issue:
Whether in this particular case, garnishment of Bartelis foreign currency deposit
with China Bank is in order.
Held:
The SC departed from the literal meaning of the FCDA and resorted to the intrinsic
aids (whereas clauses appearing in the FCDA). It ruled that the protection of the
framers is to give that protection to foreign investors and lenders. Barteli is neither
an investor nor a lender so he is not the foreign depositor contemplated under the
FCDA. His deposit is not the one that deserved protection of the FCDA. Justice and
righteousness dictates that the deposit be garnished in favor of Salvacion.