Back

Pilipinas Bank vs. Glee Chemical Lab., Inc.

PILIPINAS BANK, Petitioner, versus GLEE CHEMICAL LABORATORIES, INC., Respondent.

G.R. No. 148320 | 2006-06-15

FIRST DIVISION

D E C I S I O N


AUSTRIA-MARTINEZ, J.

This resolves the petition for review on certiorari seeking the reversal of the Decision [1] of the Court of Appeals (CA) promulgated on May 22, 2001, which affirmed the Decision of the Regional Trial Court (RTC) of Makati City, Branch 145. 

The antecedent facts are as follows. 

Glee Chemical Laboratories, Inc. (respondent) alleged that it applied for a loan with Pilipinas Bank (petitioner) in the amount of P800,000.00, payment of which would be secured, pursuant to a board resolution dated March 5, 1982, by a mortgage of its real property located in San Juan,...