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FIRST ISSUE: Manila Insurance is liable as surety. In 1963, Ignacio Arroyo and Tuason Arroyo (the
Arroyo Spouses), obtained a loan of P580,000.00
A contract of suretyship is defined as an from PNB secured by La Vista, a parcel of land in
agreement whereby a party, called the surety, order too purchase 60% of the subscribed capital
guarantees the performance by another party, stock, and thereby acquire the controlling interest of
private respondent Tayabas Cement Company, Inc. injunction. PNB's motion for reconsideration was
(TCC). denied, hence this petition.