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Union Bank of the Philippines vs. Hon. Court of Appeals, et al

UNION BANK OF THE PHILIPPINES, Petitioner, versus HON. COURT OF APPEALS and D'ROSSA, INCORPORATED, Respondents.

G.R. No. 164910 | 2005-09-30

FIRST DIVISION

D E C I S I O N 

YNARES-SANTIAGO, J.: 

This petition for review on certiorari[1] seeks to set aside the February 23, 2004 Decision[2] of the Court of Appeals in CA-G.R. CV No. 66407 which reversed and set aside the Decision[3] of the Regional Trial Court of Makati City, Branch 141 in Civil Case No. 96-1053; and its August 13, 2004,[4] resolution denying reconsideration thereof. 

In a memorandum of agreement dated May 27, 1992, D'Rossa Incorporated (DRI) agreed to mortgage its parcels of land covered by TCT Nos. S-24740 and S-24747 in favor of Union Bank of the Philippines (Union Bank) as security for the credit...