Central Bank of the Philippines v. Court of Appeals, G.R. No. L-45710, 03 October 1985

 The Monetary Board Resolution No. 1049 issued on August 13, 1965 cannot interrupt the default of Island Savings Bank in complying with its obligation of releasing the P63,000.00 balance because said resolution merely prohibited the Bank from making new loans and investments, and nowhere did it prohibit Island Savings Bank from releasing the balance of loan agreements previously contracted. Further, the Court emphasized that the mere fact of insolvency of a debtor is never an excuse for the non- fulfillment of an obligation but instead it is taken as a breach of the contract by him