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UPSUMCO vs. Court of Appeals [DECISION]

UNITED PLANTERS SUGAR MILLING COMPANY, INC. (UPSUMCO), Petitioner, versus THE HONORABLE COURT OF APPEALS, PHILIPPINE NATIONAL BANK (PNB), and ASSET PRIVATIZATION TRUST (APT), as TRUSTEE OF THE REPUBLIC OF THE PHILIPPINES, Respondents.

G.R. No. 126890 | 2006-11-28

D E C I S I O N
 
CARPIO, J.:
 
The Case

This is a petition for review[1] of the Decision[2] dated 29 February 1996 and the Resolution dated 29 October 1996 of the Court of Appeals remanding to the Regional Trial Court of Bais City, Negros Oriental a suit for collection of sum of money and damages for further proceedings.
 
 
The Facts

Petitioner United Planters Sugar Milling Company, Inc. ("UPSUMCO") is a domestic sugar miller based in Manjuyod, Negros Oriental. To finance the construction of its milling plant, UPSUMCO obtained loans from respondent Philippine National Bank ("PNB"), evidenced by,...