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Autocorp Group, et al. vs Hon. CA, et al.

AUTOCORP GROUP and AUTOGRAPHICS, INC., Petitioners, versus Hon. COURT OF APPEALS and KEPPEL MONTE BANK (formerly Monte de Piedad and Savings Bank), Respondents.

G.R. No. 157553 | 2004-09-08

DECISION


PUNO, J.:

Petitioners are before us on a Petition for Review on Certiorari assailing the decision[1] and resolution[2] of the Court of Appeals in CA-G.R. SP No. 59004, which set aside the order[3] and resolution[4] of the Regional Trial Court (RTC) of Cebu City, Branch 5, granting a writ of preliminary injunction against the respondent Keppel Monte Bank and the Register of Deeds of Cebu City.

The records show that respondent bank extended a loan of eighty-five million pesos (P85,000,000.00) in favor of petitioner Autocorp Group (Autocorp). The loan is embodied in an Agreement[5] dated December 16, 1994 which was secured by...