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Dev't Bank of the Phil. vs. Tanada, et al.

DEVELOPMENT BANK OF THE PHILIPPINES, petitioner, vs. HON. SANTIAGO TANADA, Judge of the Court of First Instance of Cebu, and QUIRIO DEL MAR, respondents.

G.R. No. L-32532 | 1974-03-29

D E C I S I O N

CASTRO, J:

In 1951 the Rehabilitation Finance Corporation (hereinafter referred to as the RFC), the predecessor of the herein petitioner Development Bank of the Philippines, granted Quirico del Mar (hereinafter referred to as the respondent) a P6,000 loan, secured by a promissory note and a real estate mortgage on three titled parcels of land.

In 1957 the respondent, pursuant to Republic Act 897, 1 offered to the RFC his backpay certificate in settlement of the amount then due on his loan. The RFC refused to accept his backpay certificate; so he, together with Fabian AliƱo who also sought to settle his account with the RFC,...