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Nordic Asia Limited (Now Known As DnC Limited) and Bankers Trust Company vs. Court of Appeals and Nam Ung Marine Co., Ltd., et al.

NORDIC ASIA LIMITED (now known as DnC Limited) and BANKERS TRUST COMPANY, petitioners, vs. THE HONORABLE COURT OF APPEALS, NAM UNG MARINE CO., LTD., KIM JEONG SEONG, P. U. ULSTRUP, BAK JEONG RANG, SIN SUK NO, HWANG IN CHAN, 0 JEONG SUK, LEE MYUNG UNG, CHAE DOO EUP, SEOK HAEONG JO, KIM YONG JIN, KIM BU YUL, JEONG DONG SONG, LEE ON CHUN, GYEONG GI GIM, MUN KU HAN, SEUNG HO AN, BYANG YEOL YANG, SEOG MAN HAN, KIM JUNG GON, LEE DONG HWA, LEE MOON HYEONG, SEONG MUG JANG, HAN IL IM, SANG MYEONG GIM, WOO JEONG SUL, GIL HUN GIM, CHAE DONG CHONG, respondents.

G.R. No. 111159 | 2003-06-10

D E C I S I O N

AZCUNA, J.:

Before this Court is a petition for review on certiorari, under Rule 45 of the Rules of Court, assailing the decision[1] of the Court of Appeals in CA G.R. CV No. 21343, dated October 27, 1994.

The facts are not disputed.

On May 26, 1981, a loan agreement was entered into between petitioners Nordic Asia Limited and Bankers Trust Company, as lenders, and Sextant Maritime, S.A., as borrower, involving the sum of US$5,300,000. The amount was used by Sextant Maritime, S.A. to purchase the vessel M/V "Fylyppa." As a security for the loan, Sextant Maritime, S.A., executed in favor of petitioners a First Preferred...