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Land Bank of the Philippines vs. Alfredo Ong

LAND BANK OF THE PHILIPPINES, Petitioner, vs. ALFREDO ONG, Respondent.

G.R. No. 190755 | 2010-11-24

FIRST DIVISION
D E C I S I O N
 
VELASCO, JR., J.:
 
 
This is an appeal from the October 20, 2009 Decision of the Court of Appeals (CA) in CA-G.R. CR-CV No. 84445 entitled Alfredo Ong v. Land Bank of the Philippines, which affirmed the Decision of the Regional Trial Court (RTC), Branch 17 in Tabaco City.
 
The Facts
 
On March 18, 1996, spouses Johnson and Evangeline Sy secured a loan from Land Bank Legazpi City in the amount of PhP 16 million. The loan was secured by three (3) residential lots, five (5) cargo trucks, and a warehouse. Under the loan agreement, PhP 6 million of the loan would be short-term and would mature...