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Asiatrust Dev Bank vs Concepts Trading Corp

ASIATRUST DEVELOPMENT BANK, petitioner, vs. CONCEPTS TRADING CORPORATION, respondent.

G.R. No. 130759 | 2003-06-20

D E C I S I O N

CALLEJO, SR., J.:

This is a petition for review on certiorari of the Decision[1] of the Court of Appeals and its Resolution in CA-G.R. CV No. 44211 affirming on appeal with modification the Decision[2] of the Regional Trial Court of Makati, Branch 68, in Civil Case No. 89-3789.

As culled from the records, the facts of the case are as follows:

In March 1996, respondent Concepts Trading Corporation obtained from petitioner Asiatrust Development Corporation a credit accommodation in the amount of P2,000,000 covered by a loan agreement[3] and secured by real and chattel mortgages.[4] The amount was drawn from an Industrial...