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Spouses Florentino and Aurea Mallari vs Prudential Bank

SPOUSES FLORENTINO T. MALLARI AND AUREA V. MALLARI, PETITIONERS, VS. PRUDENTIAL BANK (NOW BANK OF THE PHILIPPINE ISLANDS), RESPONDENT.

G.R. No. 197861 | 2013-06-05

THIRD DIVISION

D E C I S I O N

PERALTA, J.:

Before us is a Petition for Review on Certiorari under Rule 45, assailing the Decision[1]  dated  June 17, 2010 and the Resolution[2] dated July 20, 2011 of  the Court of Appeals (CA) in  CA-G.R. CV No. 65993.

The antecedent facts are as follows:

On  December 11, 1984, petitioner Florentino T. Mallari (Florentino) obtained from respondent Prudential Bank-Tarlac Branch (respondent bank), a loan in the amount of  P300,000.00 as evidenced by Promissory Note (PN) No. BD 84-055.[3] Under the promissory note, the  loan was subject to an interest rate of  21% per annum...