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Development Bank of the Philippines vs. Traverse Development Corporation, et al.

DEVELOPMENT BANK OF THE PHILIPPINES, Petitioner,vs.TRAVERSE DEVELOPMENT CORPORATION and CENTRAL SURETY and INSURANCE COMPANY, Respondents.

G.R. No. 169293 | 2011-10-05

FIRST DIVISION

DECISION

LEONARDO-DE CASTRO, J.:
 
This is a petition for review on certiorari[1] of the September 30, 2004 Decision[2] and August 11, 2005 Resolution[3] of the Court of Appeals in CA-G.R. CV No. 65311, which affirmed the November 24, 1998 Decision[4] of the Regional Trial Court (RTC) of Quezon City, Branch 87, in Civil Case No. Q-37497, as modified by its February 1, 1999 Order.[5]
 
The facts are simple and straightforward.
 
The Development of the Philippines (DBP)-Tarlac Branch granted a “Real Estate Loan” of P910,000.00 to Traverse Development Corporation (Traverse) for the construction of its three-storey...