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Antonio R. Agra, et al. vs Phil. National Bank

ANTONIO R. AGRA, CAYETANO FERRERIA, NAPOLEON M. GAMO and VICENTE O. NOVALES, petitioners, vs. PHILIPPINE NATIONAL BANK, respondent.

G.R. No. 133317 | 1999-06-29

D E C I S I O N


PANGANIBAN, J.:

Laches is a recourse in equity. Equity, however, is applied only in the absence, never in contravention, of statutory law. Thus, laches cannot, as a rule, abate a collection suit filed within the prescriptive period mandated by the Civil Code.

The Case

Before us is a Petition for Review on Certiorari under Rule 45 of the Rules of Court, assailing the November 26, 1997 Decision of the Court of Appeals,1 [Penned by J. Arturo B. Buena (now Associate Justice of the Supreme Court), division chairman; with the concurrence of JJ. Buenaventura J. Guerrero and Portia Alino-Hormachuelos, members.] which disposed...