Equitable Pci Bank v. Fr. Roberto C. Crisol

Summary

The Supreme Court denied Equitable PCI Bank's petition and affirmed the lower courts' decisions ordering the bank to account for and restitute P6,691,295.90 in missing trust funds plus P505,140.78 in remaining balance to Fr. Roberto C. Crisol. The case arose from a Revocable Trust Agreement where Crisol invested substantial amounts through the bank's Prime Life Investment product, but the bank failed to properly account for his deposits, showing only P505,140.78 when his records indicated P7,196,436.68 should be available. The Court found the bank's denials of documentary evidence insufficient under procedural rules and that overwhelming evidence supported Crisol's claims. The bank's negligence in maintaining trust account records and failure to provide monthly reports violated its fiduciary duties. The Court modified the interest award to 6% per annum from the date of extrajudicial demand, recognizing that trust services do not constitute loan forbearance. Exemplary damages and attorney's fees were upheld given banks' heightened standard of care. The decision emphasizes banks' fiduciary responsibilities and the importance of proper documentary evidence handling in commercial trust relationships.