FACTS:
DECS i!e" a #$e#% in &a'or o& A(ante Mar%etin) #ontainin) a *e#i+# erial n!,(er "ran
a)aint PNB. T$e #$e#% a "e*oite" (/ A(ante in it a##o!nt it$ Ca*itol an" t$e latter
#one0!entl/ "e*oite" t$e a,e it$ it a##o!nt it$ PBCM $i#$ later "e*oite" it it$
*etitioner &or
#learin).
 T$e #$e#% a t$erea&ter #leare". oe'er on a rele'ant "ate *etitioner PNB ret!rne" t$e #$e#%
on a##o!nt t$at t$ere $a" (een a ,aterial alteration on it. S!(e0!ent "e(it ere ,a"e (!t
Ca*itol #annot "e(it t$e a##o!nt o& A(ante an/ lon)er &or t$e latter $a" it$"ran all
t$e ,one/ alrea"/ &ro, t$e a##o!nt.
 T$i *ro,*te" Ca*itol to ee% re#lari+#ation &ro, PBCM an" "e,an"e" t$e re#re"itin) o& it
a##o!nt. PBCM &olloe" !it (/ "oin) t$e a,e a)aint PNB. De,an" !n$ee"e" it +le" an a#tion
a)aint PBCM an" t$e latter +le" a t$ir"-*art/ #o,*laint a)aint *etitioner.
E3D:
An alteration i ai" to (e ,aterial i& it alter t$e ee#t o& t$e intr!,ent. t ,ean an !na!t$orie"
#$an)e in t$e intr!,ent t$at *!r*ort to ,o"i&/ in an/ re*e#t t$e o(li)ation o& a *art/ or an
!na!t$orie" a""ition o& or" or n!,(er or ot$er #$an)e to an in#o,*lete intr!,ent relatin) to
t$e o(li)ation o& t$e *art/. n ot$er or" a ,aterial alteration i one $i#$ #$an)e t$e
ite, $i#$ are re0!ire" to (e tate" !n"er Se#tion 1 o& t$e N3.
n t$i #ae t$e alle)e" ,aterial alteration a t$e alteration o& t$e erial n!,(er o& t$e #$e#% in
i!e7$i#$ i not an eential ele,ent o& a ne)otia(le intr!,ent !n"er Se#tion 1.
PNB alle)e t$at t$e alteration a ,aterial in#e it i an a##e*te" #on#e*t t$at a TCAA #$e#%
(/ it 'er/ nat!re i t$e ,e"i!, o& e8#$an)e o& )o'ern,ent intr!,entalitie an" a)en#ie.
 
 A a a&et/ ,ea!re e'er/ )o'ern,ent o;#e or a)en#/ i ai)ne" #$e#% (earin) "ierent
erial n!,(er.
B!t t$i #ontention $a to &ail. T$e #$e#%< erial n!,(er i not t$e ole in"i#ia o& it ori)in. T$e na,e
o& t$e )o'ern,ent a)en#/ i!in) t$e #$e#% i #learl/ tate" t$erein. T$! t$e #$e#%< "raer i
!;#ientl/ i"enti+e" ren"erin) re"!n"ant t$e re&erral to it erial n!,(er.
 T$ere&ore t$ere (ein) no ,aterial alteration in t$e #$e#% #o,,itte" PNB #o!l" not ret!rn t$e #$e#%
to PBCM. t $o!l" *a/ t$e a,e.