G.R. No.

172954

October 5, 2011

Dra0n &gainst 5 Rep%.li# Planters 9an/ &-o%nt 5 P 7,,!!!.!! Dated6Postdated 5 May 1+, 1332 Paya.le to 5 North Star International 4ravel, In#. Che#/ No 5 2", 2 Dra0n &gainst 5 Rep%.li# Planters 9an/ &-o%nt 5 P ,7!3.!!

ENGR. JOSE E. CAYANAN, Petitioner, vs. NORTH STAR INTERNATIONAL TRAVEL, INC., Respondent. DECISION VILLARA A, JR., J.: Petitioner Engr. Jose E. Cayanan appeals the May 31, !!" De#ision 1 o$ the Co%rt o$ &ppeals 'C&( in C&)*.R. SP No. "++3, $inding hi- #ivilly lia.le $or the val%e o$ the $ive #he#/s 0hi#h are the s%.1e#t o$ Cri-inal Case Nos. 1""+23) +3. 4he ante#edent $a#ts are as $ollo0s5 North Star International 4ravel In#orporated 'North Star( is a #orporation engaged in the travel agen#y .%siness 0hile petitioner is the o0ner6general -anager o$ JE&C International Manage-ent and Contra#tor Servi#es, a re#r%it-ent agen#y. On Mar#h 17, 1332, 8irginia 9alagtas, the *eneral Manager o$ North Star, in a##o--odation and %pon the instr%#tion o$ its #lient, petitioner herein, sent the a-o%nt o$ :S;"!,!!!3 to 8ie0 Sea 8ent%res <td., in Nigeria $ro- her personal a##o%nt in Citi.an/ Ma/ati. On Mar#h 3, 1332, 8irginia again sent :S;2!,!!! to 8ie0 Sea 8ent%res .y telegraphi# trans$er, 2 0ith :S;1+,!!! #o-ing $ro- petitioner. <i/e0ise, on vario%s dates, North Star e=tended #redit to petitioner $or the airplane ti#/ets o$ his #lients, 0ith the total a-o%nt o$ s%#h inde.tedness %nder the #redit e=tensions event%ally rea#hing P+1!,!3+.27.+ 4o #over pay-ent o$ the $oregoing o.ligations, petitioner iss%ed the $ollo0ing $ive #he#/s to North Star5 Che#/ No 5 2",

Dated6Postdated 5 May 1+, 1332 Paya.le to 5 North Star International 4ravel, In#. Che#/ No 5 ",7,!3 Dra0n &gainst 5 PCI9 &-o%nt 5 P1,+!!,!!!.!! Dated6Postdated 5 &pril 12, 1332 Paya.le to 5 North Star International 4ravel, In#. Che#/ No 5 ",7,!2 Dra0n &gainst 5 PCI9 &-o%nt 5 P3+,!!!.!! Dated6Postdated 5 &pril 12, 1332

Dra0n &gainst 5 Rep%.li# Planters 9an/ Paya.le to 5 North Star International 4ravel, In#. " &-o%nt 5 P"3+,!!!.!! Dated6Postdated 5 May 1+, 1332 Paya.le to 5 North Star International 4ravel, In#. Che#/ No 5 2", 3 >hen presented $or pay-ent, the #he#/s in the a-o%nt o$ P1,+!!,!!! and P3+,!!! 0ere dishonored $or ins%$$i#ien#y o$ $%nds 0hile the other three #he#/s 0ere dishonored .e#a%se o$ a stop pay-ent order $ropetitioner.7 North Star, thro%gh its #o%nsel, 0rote petitioner on Septe-.er 12, 1332, in$or-ing hi- that the #he#/s he iss%ed had .een dishonored. North Star de-anded pay-ent, .%t petitioner $ailed to settle his o.ligations. ?en#e, North Star instit%ted Cri-inal Case Nos. 1""+23)+3 #harging petitioner 0ith

violation o$ Batas Pambansa Blg. 22, or the 9o%n#ing Che#/s <a0, .e$ore the Metropolitan 4rial Co%rt 'Me4C( o$ Ma/ati City. 4he In$or-ations, 0hi#h 0ere si-ilarly 0orded e=#ept as to the #he#/ n%-.ers, the dates and a-o%nts o$ the #he#/s, alleged5
3

==== SO ORDERED.1! On appeal, the Regional 4rial Co%rt 'R4C( a#E%itted petitioner o$ the #ri-inal #harges. 4he R4C also held that there is no .asis $or the i-position o$ the #ivil lia.ility on petitioner. 4he R4C ratio#inated that5 In the instant #ases, the #he#/s iss%ed .y the a##%sed 0ere presented .eyond the period o$ NINE4F '3!( D&FS and there$ore, there is no violation o$ the provision o$ 9atas Pa-.ansa 9lg. and the a##%sed is not #onsidered to have #o--itted the o$$ense. 4here .eing no o$$ense #o--itted, a##%sed is not #ri-inally lia.le and there 0o%ld .e no .asis $or the i-position o$ the #ivil lia.ility arising $ro- the o$$ense.11 &ggrieved, North Star elevated the #ase to the C&. On May 31, !!", the C& reversed the de#ision o$ the R4C inso$ar as the #ivil aspe#t is #on#erned and held petitioner #ivilly lia.le $or the val%e o$ the s%.1e#t #he#/s. 4he fallo o$ the C& de#ision reads5 >?EREGORE, the petition is *R&N4ED. 4he assailed De#ision o$ the R4C inso$ar as CayananIs #ivil lia.ility is #on#erned, is N:<<IGIED and SE4 &SIDE. 4he inde-nity a0arded .y the Me4C in its Septe-.er 1, 1333 De#ision is REINS4&4ED. SO ORDERED.1 4he C& r%led that altho%gh Cayanan 0as a#E%itted o$ the #ri-inal #harges, he -ay still .e held #ivilly lia.le $or the #he#/s he iss%ed sin#e he never denied having iss%ed the $ive postdated #he#/s 0hi#h 0ere dishonored. Petitioner no0 assails the C& de#ision raising the lone iss%e o$ 0hether the C& erred in holding hi- #ivilly lia.le to North Star $or the val%e o$ the #he#/s. 13 Petitioner arg%es that the C& erred in holding hi- #ivilly lia.le to North Star $or the val%e o$ the #he#/s sin#e North Star did not give any val%a.le #onsideration $or the #he#/s. ?e insists that the :S;,+,!!! sent to 8ie0 Sea 8ent%res 0as not sent $or the a##o%nt o$ North Star .%t $or the a##o%nt o$ 8irginia as her invest-ent. ?e points o%t that said a-o%nt 0as ta/en $ro8irginiaCs personal dollar a##o%nt in Citi.an/ and not $ro- North StarCs #orporate a##o%nt. Respondent North Star, $or its part, #o%nters that petitioner is lia.le $or the val%e o$ the $ive s%.1e#t #he#/s as they 0ere iss%ed $or val%e. Respondent insists that petitioner o0es North Star P ,+3!,7!3 pl%s interest o$ P "2,!7,.2+, and that the P !,!!! petitioner paid to North Star is #on#l%sive proo$ that the #he#/s 0ere iss%ed $or val%e.

4hat on or a.o%t and d%ring the -onth o$ Mar#h 1332 in the M%ni#ipality o$ Ma/ati, Metro Manila, Philippines, a pla#e 0ithin the 1%risdi#tion o$ this ?onora.le Co%rt, the a.ove)na-ed a##%sed, .eing the a%thori@ed signatory o$ AJE&CB IntCl Mgt D Cont. Serv. did then and there 0ill$%lly, %nla0$%lly and $elonio%sly -a/e o%tA,B dra0 and iss%e to North Star IntCl. 4ravel In#. herein rep. .y 8irginia D. 9alagtas to apply on a##o%nt or $or val%e the #he#/s des#ri.ed .elo05 ==== said a##%sed 0ell /no0ing that at the ti-e o$ iss%e thereo$, did not have s%$$i#ient $%nds in or #redit 0ith the dra0ee .an/ $or the pay-ent in $%ll o$ the $a#e a-o%nt o$ s%#h #he#/ %pon its present-ent, 0hi#h #he#/ 0hen presented $or pay-ent 0ithin ninety '3!( days $ro- the date thereo$ 0as s%.seE%ently dishonored .y the dra0ee .an/ $or the reason P&FMEN4 S4OPPED6D&IG and despite re#eipt o$ noti#e o$ s%#h dishonor the a##%sed $ailed to pay the payee the $a#e a-o%nt o$ said #he#/ or to -a/e arrange-ent $or $%ll pay-ent thereo$ 0ithin $ive '+( .an/ing days a$ter re#eiving noti#e. Contrary to la0. :pon arraign-ent, petitioner pleaded not g%ilty to the #harges. &$ter trial, the Me4C $o%nd petitioner g%ilty .eyond reasona.le do%.t o$ violation o$ 9.P. . 4h%s5 >?EREGORE, $inding the a##%sed, EN*R. JOSE E. C&F&N&N *:I<4F .eyond reasona.le do%.t o$ 8iolation o$ 9atas Pa-.ansa 9lg. he is here.y senten#ed to s%$$er i-prison-ent o$ one '1( year $or ea#h o$ the o$$ense #o--itted. &##%sed is li/e0ise ordered to inde-ni$y the #o-plainant North Star International 4ravel, In#. represented in this #ase .y 8irginia 9alagtas, the s%- o$ 4>O MI<<ION GI8E ?:NDRED 4?IR4F 4?O:S&ND &ND SE8EN ?:NDRED 4?REE PESOS 'P ,+3!,7!3.!!( representing the total val%e o$ the #he#/s in AE%estionB pl%s GO:R ?:NDRED EI*?4FA)BGO:R 4?O:S&ND SE8EN4FA)BEI*?4 PESOS &ND GOR4FA)B4>O CEN4&8OS 'P2,2,!7,.2 ( as interest o$ the val%e o$ the #he#/s s%.1e#t -atter o$ the instant #ase, ded%#ting there$ro- the a-o%nt o$ 4>O ?:NDRED 4>EN4F 4?O:S&ND PESOS 'P !,!!!.!!( paid .y the a##%sed as interest on the val%e o$ the #he#/s d%ly re#eipted .y the #o-plainant and -ar/ed as E=hi.it HGGH o$ the re#ord.

4he petition is .ere$t o$ -erit. >e have held that %pon iss%an#e o$ a #he#/, in the a.sen#e o$ eviden#e to the #ontrary, it is pres%-ed that the sa-e 0as iss%ed $or val%a.le #onsideration 0hi#h -ay #onsist either in so-e right, interest, pro$it or .ene$it a##r%ing to the party 0ho -a/es the #ontra#t, or so-e $or.earan#e, detri-ent, loss or so-e responsi.ility, to a#t, or la.or, or servi#e given, s%$$ered or %nderta/en .y the other side.12 :nder the Negotia.le Instr%-ents <a0, it is pres%-ed that every party to an instr%-ent a#E%ires the sa-e $or a #onsideration or $or val%e.1+ &s petitioner alleged that there 0as no #onsideration $or the iss%an#e o$ the s%.1e#t #he#/s, it devolved %pon hi- to present #onvin#ing eviden#e to overthro0 the pres%-ption and prove that the #he#/s 0ere in $a#t iss%ed 0itho%t val%a.le #onsideration.1" Sadly, ho0ever, petitioner has not presented any #redi.le eviden#e to re.%t the pres%-ption, as 0ell as North StarCs assertion, that the #he#/s 0ere iss%ed as pay-ent $or the :S;,+,!!! petitioner o0ed. Nota.ly, petitioner an#hors his de$ense o$ la#/ o$ #onsideration on the $a#t that he did not personally re#eive the :S;,+,!!! $ro- 8irginia. ?o0ever, 0e note that in his pleadings, he never denied having instr%#ted 8irginia to re-it the :S;,+,!!! to 8ie0 Sea 8ent%res. Evidently, 8irginia sent the -oney %pon the agree-ent that petitioner 0ill give to North Star the peso eE%ivalent o$ the a-o%nt re-itted pl%s interest. &s testi$ied to .y 8irginia, Check No. 246822 dated May 1+, 1332 in the a-o%nt o$ P"3+,!!!.!! is eE%ivalent to :S; +,!!!J Check No. 246823dated May 1+, 1332 in the a-o%nt o$ P 7,,!!! is eE%ivalent to :S;1!,!!!J Check No. 246824 in the a-o%nt o$P ,7!3 represents the one -onth interest $or P"3+,!!! and P 7,,!!! at the rate o$ t0enty)eight ' ,K( per#entper annumJ17 Check No. 687803 dated &pril 12, 1332 in the a-o%nt o$ P1,+!!,!!! is eE%ivalent to :S;+!,!!! and Check No. 687804 dated 12 &pril 1332 in the a-o%nt o$ P3+,!!! represents the one -onth interest $orP1,+!!,!!! at the rate o$ t0enty)eight ' ,K( per#ent per annum.1, Petitioner has not s%.stantially re$%ted these aver-ents. 1a ph!1 Con#o-itantly, petitionerCs assertion that the dollars sent to Nigeria 0as $or the a##o%nt o$ 8irginia 9alagtas and as her o0n invest-ent 0ith 8ie0 Sea 8ent%res deserves no #reden#e. 8irginia has not .een sho0n to have any .%siness transa#tions 0ith 8ie0 Sea 8ent%res and $ro- all indi#ations, she only re-itted the -oney %pon the reE%est and in a##ordan#e 0ith petitionerCs instr%#tions. 4he eviden#e sho0s that it 0as petitioner 0ho had a #ontra#t 0ith 8ie0 Sea 8ent%res as he 0as sending #ontra#t 0or/ers to NigeriaJ 8irginia 9alagtasCs parti#ipation 0as -erely to send the -oney thro%gh telegraphi# trans$er in e=#hange $or the #he#/s iss%ed .y petitioner to North Star. Indeed, the transa#tion .et0een petitioner and North Star is a#t%ally in the nat%re o$ a loan and the #he#/s 0ere iss%ed as pay-ent o$ the prin#ipal and the interest. &s aptly $o%nd .y the trial #o%rt5 It is to .e noted that the #he#/s s%.1e#t -atter o$ the instant #ase 0ere iss%ed in the na-e o$ North Star International In#., represented .y private #o-plainant 8irginia 9alagtas in repla#e-ent o$ the a-o%nt o$ dollars re-itted

.y the latter to 8ieA0B Sea 8ent%res in Nigeria. = = = 9%t 8irginia 9alagtas has no .%siness transa#tion 0ith 8ieA0B Sea 8ent%res 0here a##%sed has .een sending his #ontra#t 0or/ers and the North Star provided the trip ti#/ets $or said 0or/ers sent .y the a##%sed. North Star International has no parti#ipation at all in the transa#tion .et0een a##%sed and the 8ieA0B Sea 8ent%res e=#ept in providing plane ti#/et %sed .y the #ontra#t 0or/ers o$ the a##%sed %pon its %nderstanding 0ith the latter. 4he #ontention o$ the a##%sed that the dollars 0ere sent .y 8irginia 9alagtas to Nigeria as .%siness invest-ent has not .een sho0n .y any proo$ to set aside the $oregoing negative pres%-ptions, th%s negates a##%sed #ontentions regarding the a.sen#e o$ #onsideration $or the iss%an#e o$ #he#/s. = = =13 Petitioner #lai-s that North Star did not give any val%a.le #onsideration $or the #he#/s sin#e the :S;,+,!!! 0as ta/en $ro- the personal dollar a##o%nt o$ 8irginia and not the #orporate $%nds o$ North Star. 4he #ontention, ho0ever, deserves s#ant #onsideration. 4he s%.1e#t #he#/s, .earing petitionerCs signat%re, spea/ $or the-selves. 4he $a#t that petitioner hi-sel$ spe#i$i#ally na-ed North Star as the payee o$ the #he#/s is an ad-ission o$ his lia.ility to North Star and not to 8irginia 9alagtas, 0ho as -anager -erely $a#ilitated the trans$er o$ $%nds. Indeed, it is highly in#on#eiva.le that an e=perien#ed .%siness-an li/e petitioner 0o%ld iss%e vario%s #he#/s in si@ea.le a-o%nts to a payee i$ these are 0itho%t #onsideration. Moreover, 0e note that 8irginia 9alagtas averred in her &$$idavit ! that North Star #a%sed the pay-ent o$ the :S;"!,!!! and :S; +,!!! to 8ie0 Sea 8ent%res to a##o--odate petitioner, 0hi#h state-ent petitioner $ailed to re$%te. In addition, petitioner did not E%estion the State-ent o$ &##o%nt No. ,"33 1 dated &%g%st 31, 1332 iss%ed .y North Star 0hi#h #ontained ite-i@ed a-o%nts in#l%ding the :S;"!,!!! and :S; +,!!! sent thro%gh telegraphi# trans$er to 8ie0 Sea 8ent%res per his instr%#tion. 4h%s, the inevita.le #on#l%sion is that 0hen petitioner iss%ed the s%.1e#t #he#/s to North Star as payee, he did so to settle his o.ligation 0ith North Star $or the :S;,+,!!!. &nd sin#e the only pay-ent petitioner -ade to North Star 0as in the a-o%nt o$ P !,!!!.!!, 0hi#h 0as applied to interest d%e, his lia.ility is not e=ting%ished. ?aving $ailed to $%lly settle his o.ligation %nder the #he#/s, the appellate #o%rt 0as #orre#t in holding petitioner lia.le to pay the val%e o$ the $ive #he#/s he iss%ed in $avor o$ North Star. >?EREGORE, the present appeal .y 0ay o$ a petition $or revie0 on #ertiorari is DENIED $or la#/ o$ -erit. 4he De#ision dated May 31, !!" o$ the Co%rt o$ &ppeals in C&)*.R. SP No. "++3, is &GGIRMED. >ith #osts against petitioner. SO ORDERED E!"r. Jo#e C$%$!$! &#. Nort' St$r I!ter!$t(o! Tr$&e) I!c. G.R. No. 172954

*RA+ER5 Engr. Cayanan

,AYEE5 North Star International 4ravel In#.

ISS-E5

8irginia 9alagtas, the *eneral Manager o$ North Star, in a##o--odation and %pon the instr%#tion o$ its #lient, petitioner herein, sent the a-o%nt o$ :S;"!,!!! to 8ie0 Sea 8ent%res <td., in Nigeria $ro- her personal a##o%nt in Citi.an/ Ma/ati. On Mar#h 3, 1332, 8irginia again sent :S;2!,!!! to 8ie0 Sea 8ent%res .y telegraphi# trans$er, 0ith :S;1+,!!! #o-ing $ropetitioner. <i/e0ise, on vario%s dates, North Star e=tended #redit to petitioner $or the airplane ti#/ets o$ his #lients, 0ith the total a-o%nt o$ s%#h inde.tedness %nder the #redit e=tensions event%ally rea#hing P+1!,!3+.27.

>hat is the pres%-ption o$ #onsideration %nder Se#tion 2L

4o #over pay-ent o$ the $oregoing o.ligations, petitioner iss%ed $ive #he#/s to North Star

-!.er t'eNe"ot($b)e I!#tr/0e!t# L$1, (t (# 2re#/0e. t'$t e&er% 2$rt% to $! (!#tr/0e!t $c3/(re# t'e #$0e 4or $ co!#(.er$t(o! or 4or &$)/e. A# 2et(t(o!er $))e"e. t'$t t'ere 1$# !o co!#(.er$t(o! 4or t'e (##/$!ce o4 t'e #/b5ect c'ec6#, (t .e&o)&e. /2o! '(0 to 2re#e!t co!&(!c(!" e&(.e!ce to o&ert'ro1 t'e 2re#/02t(o! $!. 2ro&e t'$t t'e c'ec6# 1ere (! 4$ct (##/e. 1(t'o/t &$)/$b)e co!#(.er$t(o!. ,et(t(o!er '$# !ot 2re#e!te. $!% cre.(b)e e&(.e!ce to reb/t t'e 2re#/02t(o!, $# 1e)) $# Nort' St$r7# $##ert(o!, t'$t t'e c'ec6# 1ere (##/e. $# 2$%0e!t 4or t'e -S895,000 2et(t(o!er o1e..

>hen presented $or pay-ent, the #he#/s 0ere dishonored $or ins%$$i#ien#y o$ $%nds 0hile the other three #he#/s 0ere dishonored .e#a%se o$ a stop pay-ent order $ro- petitioner. North Star, thro%gh its #o%nsel, 0rote petitioner in$or-ing hi- that the #he#/s he iss%ed had .een dishonored. North Star de-anded pay-ent, .%t petitioner $ailed to settle his o.ligations. ?en#e, North Star instit%ted Cri-inal Case #harging petitioner 0ith violation 9P 22, .e$ore the M4C.

Not$b)%, 2et(t(o!er $!c'or# '(# .e4e!#e o4 )$c6 o4 co!#(.er$t(o! o! t'e 4$ct t'$t 'e .(. !ot 2er#o!$))% rece(&e t'e -S895,000 4ro0 V(r"(!($. Ho1e&er, 1e !ote t'$t (! '(# 2)e$.(!"#, 'e !e&er .e!(e. '$&(!" (!#tr/cte. V(r"(!($ to re0(t t'e -S895,000 to V(e1 Se$ Ve!t/re#. E&(.e!t)%, V(r"(!($ #e!t t'e 0o!e% /2o! t'e $"ree0e!t t'$t 2et(t(o!er 1()) "(&e to Nort' St$r t'e 2e#o e3/(&$)e!t o4 t'e $0o/!t re0(tte. 2)/# (!tere#t.

M4C $o%nd EN*R. C&F&N&N *:I<4F .eyond reasona.le do%.t o$ 8iolation o$ 9P . R4C a#E%itted petitioner o$ the #ri-inal #harges. 4he R4C also held that there is no .asis $or the i-position o$ the #ivil lia.ility on petitioner .e#a%se the #he#/s iss%ed .y the a##%sed 0ere presented .eyond the period o$ NINE4F '3!( D&FS and there$ore, there is no violation o$ the provision o$ 9atas Pa-.ansa 9lg. and the a##%sed is not #onsidered to have #o--itted the o$$ense. 4here .eing no o$$ense #o--itted, a##%sed is not #ri-inally lia.le and there 0o%ld .e no .asis $or the i-position o$ the #ivil lia.ility arising $rothe o$$ense.

:ACTS5

North Star International 4ravel In#orporated 'North Star( is a #orporation engaged in the travel agen#y .%siness 0hile petitioner is the o0ner6general -anager o$ JE&C International Manage-ent and Contra#tor Servi#es, a re#r%it-ent agen#y.

C& reversed the de#ision o$ the R4C inso$ar as the #ivil aspe#t is #on#erned and held petitioner #ivilly lia.le $or the val%e o$ the s%.1e#t #he#/s. 4he C& r%led that altho%gh Cayanan 0as a#E%itted o$ the #ri-inal #harges, he -ay still .e held #ivilly lia.le $or the #he#/s he iss%ed sin#e he never denied having iss%ed the $ive postdated #he#/s 0hi#h 0ere dishonored.

Petitioner arg%es that the C& erred in holding hi- #ivilly lia.le to North Star $or the val%e o$ the #he#/s sin#e North Star did not give any val%a.le #onsideration $or the #he#/s. ?e insists that the :S;,+,!!! sent to 8ie0 Sea 8ent%res 0as not sent $or the a##o%nt o$ North Star .%t $or the a##o%nt o$ 8irginia as her invest-ent. ?e points o%t that said a-o%nt 0as ta/en $ro8irginiaCs personal dollar a##o%nt in Citi.an/ and not $ro- North StarCs #orporate a##o%nt.

R-LING;

>e have held that %pon iss%an#e o$ a #he#/, in the a.sen#e o$ eviden#e to the #ontrary, it is pres%-ed that the sa-e 0as iss%ed $or val%a.le #onsideration 0hi#h -ay #onsist either in so-e right, interest, pro$it or .ene$it a##r%ing to the party 0ho -a/es the #ontra#t, or so-e $or.earan#e, detri-ent, loss or so-e responsi.ility, to a#t, or la.or, or servi#e given, s%$$ered or %nderta/en .y the other side. -!.er t'eNe"ot($b)e I!#tr/0e!t# L$1, (t (# 2re#/0e. t'$t e&er% 2$rt% to $! (!#tr/0e!t $c3/(re# t'e #$0e 4or $ co!#(.er$t(o! or 4or &$)/e. A# 2et(t(o!er $))e"e. t'$t t'ere 1$# !o co!#(.er$t(o! 4or t'e (##/$!ce o4 t'e #/b5ect c'ec6#, (t .e&o)&e. /2o! '(0 to 2re#e!t co!&(!c(!" e&(.e!ce to o&ert'ro1 t'e 2re#/02t(o! $!. 2ro&e t'$t t'e c'ec6# 1ere (! 4$ct (##/e. 1(t'o/t &$)/$b)e co!#(.er$t(o!. <1=> S$.)%, 'o1e&er, 2et(t(o!er '$# !ot 2re#e!te. $!% cre.(b)e e&(.e!ce to reb/t t'e 2re#/02t(o!, $# 1e)) $# Nort' St$r7# $##ert(o!, t'$t t'e c'ec6# 1ere (##/e. $# 2$%0e!t 4or t'e -S895,000 2et(t(o!er o1e..

Not$b)%, 2et(t(o!er $!c'or# '(# .e4e!#e o4 )$c6 o4 co!#(.er$t(o! o! t'e 4$ct t'$t 'e .(. !ot 2er#o!$))% rece(&e t'e -S895,000 4ro0 V(r"(!($. Ho1e&er, 1e !ote t'$t (! '(# 2)e$.(!"#, 'e !e&er .e!(e. '$&(!" (!#tr/cte. V(r"(!($ to re0(t t'e -S895,000 to V(e1 Se$ Ve!t/re#. E&(.e!t)%, V(r"(!($ #e!t t'e 0o!e% /2o! t'e $"ree0e!t t'$t 2et(t(o!er 1()) "(&e to Nort' St$r t'e 2e#o e3/(&$)e!t o4 t'e $0o/!t re0(tte. 2)/# (!tere#t.