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Antonio M. Garcia, etal. vs Court of Appeals, etal.

ANTONIO M. GARCIA, DYNETICS, INC., and MATRIX MANAGEMENT CORPORATION, petitioners, vs. COURT OF APPEALS and SECURITY BANK AND TRUST COMPANY, respondents.

G.R. Nos. 82282-83 | 1988-11-24

D E C I S I O N


GUTIERREZ, JR., J.:

In a summary judgment rendered by the Regional Trial Court of Makati in Civil Case No. 10398, the complaint was dismissed for lack of merit and the petitioners were ordered to pay the private respondent the following: (a) the unpaid principal sum of P15 million remaining unpaid out of Chemark's availment of the P20 million credit line, plus 18% interest per annum and 36% as penalty per annum for Promissory Note No. DLS/74/540/83 from March 23, 1984 until fully paid; and plus 24% interest per annum and 36% as penalty per annum for Promissory Note No. DLS/74/1358/83 from August 9, 1983 until fully paid;...