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Commonwealth Insurance Corporation vs CA and RCBC

COMMONWEALTH INSURANCE CORPORATION, petitioner, vs. COURT OF APPEALS and RIZAL COMMERCIAL BANKING CORPORATION, respondents.

G.R. No. 130886 | 2004-01-29

D E C I S I O N

AUSTRIA-MARTINEZ, J.:

Before us is a petition for review on certiorari assailing the Decision[1] of the Court of Appeals (CA), promulgated on May 16, 1997 in CA-G.R. CV No. 44473[2], which modified the decision dated March 5, 1993 of the Regional Trial Court of Makati (Branch 64); and the Resolution[3] dated September 25, 1997, denying petitioner's motion for reconsideration.

The facts of the case as summarized by the Court of Appeals are as follows:

In 1984, plaintiff-appellant Rizal Commercial Banking Corporation (RCBC) granted two export loan lines, one, for P2,500,000.00 to Jigs Manufacturing Corporation (JIGS) and,...