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Nat'l Onion Growers Coop. Vs. Court of Appeals etal

NATIONAL ONION GROWERS COOPERATIVE MARKETING ASSOCIATION, INCORPORATED, petitioner, vs. THE HONORABLE COURT OF APPEALS (NINTH DIVISION), VICENTE F. GOQUIOLAY, and SALUD CHONG, respondents.

G.R. No. 57576 | 1989-06-06

D E C I S I O N


MELENCIO-HERRERA, J.:

This Petition for Review on Certiorari challenges the Decision of respondent Court of Appeals 1 in CA-G.R. No. 57290-R, affirming the Decision of the then Court of First Instance of Rizal, Branch XIV, at Caloocan City 2 in Civil Case No. C-2407.

The undisputed facts follow:

On 2 October 1969, petitioner, National Onion Grower Cooperative Marketing Association, Inc. (NOGROCOMA) obtained a loan of P300,000.00 from private respondent, Vicente Goquiolay, payable within one (1) year, with interest at twelve (12%) per annum, payable in advance.

As security for the loan, petitioner executed in...