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Planters Development Bank Vs. Sps. Ernesto Lopez and Florentina Lopez, substituted by Joseph Wilfred Joven, et al.

PLANTERS DEVELOPMENT BANK, Petitioner, vs. SPOUSES ERNESTO LOPEZ and FLORENTINA LOPEZ, substituted by JOSEPH WILFRED JOVEN, JOSEPH GILBERT JOVEN and MARLYN JOVEN, Respondents.

G.R. No. 186332 | 2013-10-23

SECOND DIVISION

DECISION

BRION, J.:

We resolve the petition for review on certiorari1 filed by petitioner Planters Development Bank (Planters Bank) to challenge the July 30, 2007 amended decision2 and the February 5, 2009 resolution3 of the Court of Appeals (CA) in CA-G.R. CV No. 61358.

The Factual Antecedents

Sometime in 1983, the spouses Emesto and Florentina Lopez applied for and obtained a real estate loan in the amount of P3,000,000.00 from Planters Bank. The loan was intended to finance the construction of a fourstory concrete dormitory building. The loan agreement4 dated May 18, 1983 provided that the...