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Gloria Ocampo, et al. Vs. Land Bank of the Philippines, et al., 591 scra 562

GLORIA OCAMPO and TERESITA TAN, Petitioners, versus LAND BANK OF THE PHILIPPINES, URDANETA, PANGASINAN BRANCH and EX OFFICIO PROVINCIAL SHERIFF OF PANGASINAN, Respondents.

G.R. No. 164968 | 2009-07-03

D E C I S I O N


PERALTA, J.:

This Petition for Review on Certiorari assails the Court of Appeals Decision[1] dated July 21, 2004, in CA-G.R. CV No. 77683, which reversed and set aside the March 18, 2002 Decision[2] of the Regional Trial Court, Branch 45, Urdaneta City, Pangasinan, in Civil Case No. U-7095.

The facts, as culled from the records, follow.

In 1991, Gloria Ocampo and her daughter, Teresita Tan, obtained from the Land Bank of the Philippines a P10,000,000.00[3] loan (herein referred to as quedan loan), which was released to them on the following dates: P3,996,000.00 on January 31, 1991, upon the issuance of promissory note (PN)...