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Philippine Trust Company vs CA and Simeon Policarpio Shipyard and Shipbuilding Co

PHILIPPINE TRUST COMPANY, petitioner, vs. HONORABLE COURT OF APPEALS and SIMEON POLICARPIO SHIPYARD AND SHIPBUILDING COMPANY, respondents.

G.R. No. 124658 | 1999-12-15

D E C I S I O N

YNARES-SANTIAGO, J.:

The petition before us has its origins in a decision rendered by this Court on August 25, 1969 entitled "Philippine Trust Company vs. Simeon Policarpio, Modesta Reyes and Iluminada ("Lumen") R. Policarpio."[1]

Sometime in 1958, Iluminada "Lumen" Policarpio, obtained a loan from Philippine Trust Company (Philtrust, for short) in the sum of P300,000.00. As security for the loan, Lumen's parents, as sureties, executed a deed of mortgage to the bank over some parcels of land, including all the improvements thereon, covered by Transfer Certificate of Title No. 4144 (now 51668) of the Register of Deeds of...