Wednesday, March 07, 2012

Marvel vs. David

Facts: Upon consideration of the report with regards to the war profit tax case of Maria B. Castro, the Secretary of Finance recommended the collection of war profit taxes from the latter. Pursuant thereto, various properties including the Aguinaldo Building, Wise Building and Dewey Boulevard Padre Faura Mansion were seized by the CIR. An action was filed by the plaintiffs enjoining the defendant CIR from selling at public auction the three properties since it belong to Marvel Corporation and not to Maria B. Castro. Defendant claims that Maria B. Castro is the sole and true owner of all the subscribed stocks of the Marvel Corporation including those appearing to have been subscribed and paid for by other members. CFI of Manila rendered judgment ordering the release of properties and enjoined CIR from selling the same. CIR appealed. 

Issue: Whether or not Maria B. Castro is the owner of the share of stock of Marvel Building Corp. 

Held: Yes. The CIR presented evidence to prove his claim that Maria B. Castro the sole and true owner of the share of stock Marvel Building Corp., this was the supposed endorsement in blank of the shares of stock in the name of other incorporators. This evidence was testified by Aquino, Internal Revenue examiner, Mariano, examiner and Crispin Llamado, undersecretary of Finance. Julio Llamado who was at that time the bookkeeper of Marvel Building Corp also testified that he was the one who had prepared the original certificates which was given by Maria for comparison with the Articles of Incorporation and that he also prepared a stock certificates which was copied in the Photostat presented in evidence. 

CIR was also able to submit an evidence, is the fact that the other stockholder did not have incomes in such amounts during the time of the organization of the corporation in 1947 or immediately thereto, as to enable them to pay full for their supposed subscription and that this supposed subscribers fail to come to court to assert that they actually paid for their subscription and are not mere dummies.

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