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JN Development Corporation, et al. vs. Philippine Export and Foreign Loan Gurantee Corporation.

JN DEVELOPMENT CORPORATION, and SPS. RODRIGO and LEONOR STA. ANA, Petitioners, versus PHILIPPINE EXPORT AND FOREIGN LOAN GUARANTEE CORPORATION, Respondent..

G.R. No. 151060 | 2005-08-31

SECOND DIVISION

D E C I S I O N 

Tinga, J.: 

Before us are consolidated petitions questioning the Decision[1] of the Court of Appeals (CA) in CA-G.R. CV No. 61318, entitled Philippine Export and Foreign Loan Guarantee Corporation v. JN Development Corporation, et al., which reversed the Decision of the Regional Trial Court (RTC) of Makati, Branch 60. 

On 13 December 1979, petitioner JN Development Corporation ("JN") and Traders Royal Bank (TRB) entered into an agreement whereby TRB would extend to JN an Export Packing Credit Line for Two Million Pesos (P2,000,000.00). The loan was covered by several securities, including a...