NATIONAL MARKETING CORPORATION VS. FEDERATION OF UNITED NAMARCO DISTRIBUTORS, INC. 49 SCRA 238 FACTS: On November 16, 1959, the NAMARCO and the FEDERATION entered into a Contract of Sale stipulating among others that Two Hundred Thousand Pesos (P200,000.00) be paid as part payment, and FEDERATION deposits with the NAMARCO upon signing of the items and/or merchandise a cash basis payment upon delivery of the duly indorsed negotiable shipping document covering the same. To insure payment of the goods by the FEDERATION, the NAMARCO accepted three domestic letters of credit which is an accepted draft and duly executed trust receipt approved by the Philippine National Bank. Upon arrival of the goods in Manila in January, 1960, the NAMARCO billed FEDERATION Statement of Account for P277,357.91, covering shipment of the 2,000 cartons of PK Chewing Gums, 1,000 cartons of Juicy Fruit Chewing Gums, and 500 cartons of Adams Chicklets; Statement of Account of P135,891.32, covering shipment of the ...