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Sps Ernesto Zarate, et al. vs Maybank Philippines, Inc., et al.

SPOUSES ERNESTO ZARATE and MA. ROSARIO ZARATE, Petitioners, versus MAYBANK PHILIPPINES, INC. and PHILMAY PROPERTY, INC., Respondents.

G.R. No. 160976 | 2005-06-08

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 (CA) in CA-G.R. SP No. 66321, dated May 22, 2003, as well as the Resolution[2] dated October 8, 2003 denying the motion for reconsideration thereof. 

The Antecedents 

The spouses Ernesto and Ma. Rosario R. Zarate obtained a loan of P1,900,000.00 from the PNB Republic Bank (now the Maybank Philippines, Inc.). As security therefor, the spouses Zarate executed a Real Estate Mortgage[3] dated July 28, 1993 over a parcel of land in Pasig covered by Transfer Certificate of Title No. 23717. Upon the failure...