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Violeta Tudtud Banate, et al. Vs. Philippine Countryside Rural Bank (Liloan, Cebu), Inc. and Teofilo Soon, Jr.

VIOLETA TUDTUD BANATE, MARY MELGRID M. CORTEL, BONIFACIO CORTEL, ROSENDO MAGLASANG, and PATROCINIA MONILAR, Petitioners, versus PHILIPPINE COUNTRYSIDE RURAL BANK (LILOAN, CEBU), INC. and TEOFILO SOON, JR., Respondents.

G.R. No. 163825 | 2010-07-13

D E C I S I O N


BRION, J.:

Before the Court is a petition for review on certiorari[1] assailing the December 19, 2003 decision[2] and the May 5, 2004 resolution[3] of the Court of Appeals (CA) in CA-G.R. CV No. 74332. The CA decision reversed the Regional Trial Court (RTC) decision[4] of June 27, 2001 granting the petitioners' complaint for specific performance and damages against the respondent Philippine Countryside Rural Bank, Inc. (PCRB).[5]

THE FACTUAL ANTECEDENTS

On July 22, 1997, petitioner spouses Rosendo Maglasang and Patrocinia Monilar (spouses Maglasang) obtained a loan (subject loan) from PCRB for P1,070,000.00. The...