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Citibank vs. Spouses Luis and Carmelita Cabamongan, et al.

Citibank, N.A., Petitioner, versus Spouses Luis and Carmelita Cabamongan and their sons Luis Cabamongan, Jr. and Lito Cabamongan, Respondents.

G.R. No. 146918 | 2006-05-02

FIRST DIVISION

D E C I S I O N


AUSTRIA-MARTINEZ, J.

Before the Court is a petition for review on certiorari of the Decision [1] dated January 26, 2001 and the Resolution [2] dated July 30, 2001 of the Court of Appeals (CA) in CA-G.R. CV No. 59033. 

The factual background of the case is as follows: 

On August 16, 1993, spouses Luis and Carmelita Cabamongan opened a joint "and/or" foreign currency time deposit in trust for their sons Luis, Jr. and Lito at the Citibank, N.A., Makati branch, with Reference No. 60-22214372, in the amount of $55,216.69 for a term of 182 days or until February 14, 1994, at 2.5625 per cent interest...