7 Thus Aboitiz is now collecting the sum Lower court favored Aboitiz ISSUE WON

7 thus aboitiz is now collecting the sum lower court

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7. Thus, Aboitiz is now collecting the sum. Lower court favored Aboitiz. ISSUE: WON the transaction is a deposit. YES Plaintif , the trial court, aided by an expert accountant and consented to by counsel for both parties, took into consideration the account books of Oquiñena & Co . We do not find any reason to alter the conclusion reached upon an examination of said books by the trial court. 4. In rejecting these expenses the court found same were not business expenses but personal debts of Francisco Manzarraga to Oquiñena & Co. for which the estate of Juan I. de Aldecoa ought not to be responsible. We believe this conclusion is correct. 5. According to its by-laws, Oquiñena & Co. ought to have been dissolved on July 30, 1912. However, in accordance with the said by-laws this date was extended to July 1, 1913. On April 14, 1914, the creditors and shareholders of the Oquinena & Co. began to organize a company called Oquiñena & Co. (Ltd.), as a successor to the former. On August 5, 1914, Oquiñena & Co. (Ltd.) was duly organized and on July 29, 1914, the formal transfer of all the assets and business of Oquiñena & Co. to Oquiñena & Co. (Ltd.) was effected. In the articles of co-partnership of the new company, Oquiñena & Co. (Ltd.), as well as in the transference to the same of all the assets and business of the Oquiñena & Co., it was made to appear that Oquiñena & Co. (Ltd.) has assumed all the obligations of Oquiñena & Co . 6. Oquiñena & Co. (Ltd.) appeared at its own request as Defendant in this case and appealed in order to assume the obligations of Oquiñena & Co . In fact and in law Oquiñena & Co. has not existed since the organization of Oquiñena & Co. (Ltd.), and we find no reason why the former should be declared liable in this decision instead of Oquiñena & Co. (Ltd.) to whom has passed all said obligations and rights and by whom voluntarily and in good faith all are assumed. Necessary Deposit Delos Santos v Tan Khey - YHT Realty Corp. v CA - 21
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