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Land Bank of the Phil. Vs. Yolanda G. David

LAND BANK OF THE PHILIPPINES, Petitioner, versus YOLANDA G. DAVID, Respondent.

G.R. No. 176344 | 2008-08-22

D E C I S I O N


CARPIO MORALES, J.:

Respondent, Yolanda G. David, doing business under the trade name David Poultry Farm with address at Arayat, Pampanga, obtained on April 21, 1993 a P1,100,000 loan from petitioner, Land Bank of the Philippines (Land Bank), to bear interest "based on the prevailing lender's rates/special financing rate"[1] and penalty charge of 12% per annum in case of default in the settlement thereof. To secure the payment of the loan, respondent mortgaged[2] a parcel of land covered by Transfer Certificate of Title No. 334702-R.[3]

Due to serious business reverses suffered by respondent, she and petitioner...