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Spouses Ramon Patron and Luzviminda Patron Vs. Union Bank of the Phil., et al.

SPOUSES RAMON PATRON and LUZVIMINDA PATRON, Petitioners, versus UNION BANK OF THE PHILIPPINES, THE INTERNATIONAL CORPORATE BANK, and THE QUEDAN AND RURAL CREDIT GUARANTEE CORPORATION, Respondents.

G.R. No. 177348 | 2008-10-17

D E C I S I O N


CARPIO MORALES, J.:

The Spouses Ramon and Luzviminda Patron (petitioners), doing business under the name Ala Golden Grains Rice Mill, obtained on September 9, 1988 a P2,000,000 quedan loan from respondent International Corporate Bank (Interbank) which was guaranteed by respondent Quedan and Rural Credit Guarantee Corporation (Quedancor).[1]

Upon the maturity of the loan on March 8, 1989, it was renewed, to mature on September 4, 1989.[2] On the maturity of the loan on September 4, 1989, it was again renewed, to mature on March 3, 1990.[3]

In the meantime or on September 6, 1989, petitioners obtained an additional...