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Bank of the Philippine Islands Vs. Teofilo Icot, et al.

BANK OF THE PHILIPPINE ISLANDS, Petitioner, versus TEOFILO P. ICOT, ANOLITA ICOT PILAPIL, LENNIE P. ICOT, VILMA ICOT CUYOS, RESTITUTO C. ICOT, FLORIDO A. CUYOS, CAYETANO GARBO, TEODULA P. ICOT, YOLA P. ICOT, and HEIRS OF GENARO ICOT, namely: AMANCIO P. ICOT, HERMELINA ICOT, EVELYN ICOT GARBO, CARLOS P. ICOT, RENATO P. ICOT, JOSEPHINE A. ICOT, AMELIA I. GARBO, and ROMMEL ICOT, Respondents.

G.R. No. 168061 | 2009-10-12

D E C I S I O N


CARPIO, J.:

The Case

This is a petition for review[1] of the Court of Appeals' Decision[2] dated 7 January 2005 and Resolution dated 3 May 2005 in CA-G.R. SP No. 81495. The Court of Appeals reversed the Decision[3] dated 21 December 2001 and Order dated 29 July 2003 of the Regional Trial Court (RTC) of Mandaue City, Branch 56.

The Antecedent Facts

On 6 July 1976, spouses Vicente and Trinidad Velasco (spouses Velasco) obtained from petitioner Bank of the Philippine Islands (petitioner) a loan amounting to P50,000, secured by a real estate mortgage over a parcel of land located in Liloan, Cebu. The parcel of land was...