Acceptance by Corporation

Even assuming that the bank officer or employee whom petitioner claimed he had talked to regarding the March 22, 1984 letter had acceded to his own modified terms for the repurchase, their supposed verbal exchange did not bind respondent bank in view of its corporate nature.  There was no evidence that said Mr. Lazaro or Mr. Fajardo was authorized by respondent bank’s Board of Directors to accept petitioner’s counter-proposal to repurchase the foreclosed properties at the price and terms other than those communicated in the March 22, 1984 letter (Heirs of Fausto C. Ignacio Vs. Home Bankers Savings and Trust co., et al., G.R. No. 177783. January 23, 2013).