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Suico Industrial Corp. vs. Court of Appeals

SUICO INDUSTRIAL CORPORATION, SPS. ESMERALDO and ELIZABETH SUICO, petitioners, vs. COURT OF APPEALS and DEVELOPMENT BANK INC., respondents.

G.R. No. 123050 | 1999-01-20

Republic of the Philippines
SUPREME COURT
Manila
 
FIRST DIVISION
 
MARTINEZ, J.:
 
On January 19, 1987, petitioner Suico Industrial Corporation, represented by Esmeraldo Suico, its president, secured a loan of P2,500,000.00 payable in five (5) years, from respondent Private Development Corporation of the Philippines (now PDCP Bank). As security thereof, petitioner spouses mortgaged their two (2) real estate properties situated at Mandaue City, Cebu covered by Transfer Certificate of Title (TCT) Nos. 18324 and 23116. Sometime in 1991, petitioners obtained a second loan of P2,000,000.00 payable in five, (5) years, and secured it...