The closure of
the bank was not independent of its will. The period during which the bank
cannot do business due to insolvency is not a fortuitous event since there the
government’s action through the BSP to place the bank under receivership or
liquidation proceedings is tainted with arbitrariness or has acted without
authority. As the lease was long-term, it was not lost on the parties that such
an eventuality might occur, as it was in fact covered by the terms of their
Contract.
In this case, it
is neither fair nor reasonable to deprive depositors and creditors of what
could be their last chance to recoup whatever bank assets or receivables the
PDIC can still legally recover. Nothing has prevented petitioners from putting
their building to other profitable uses, since respondent surrendered the
premises immediately after the closure of its business.
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