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Heirs of Maglasang vs. Manila Banking Corp.

HEIRS OF THE LATE SPOUSES FLAVIANO MAGLASANG AND SALUD ADAZA-MAGLASANG, NAMELY, OSCAR A. MAGLASANG, EDGAR A. MAGLASANG, CONCEPCION CHONA A. MAGLASANG, GLENDA A. MAGLASANG-ARNAIZ, LERMA A. MAGLASANG, FELMA A. MAGLASANG, FE DORIS A. MAGLASANG, LEOLINO A. MAGLASANG, MARGIE LEILA A. MAGLASANG, MA. MILALIE A. MAGLASANG, SALUD MAGLASANG, AND MA. FLASALIE A. MAGLASANG, REPRESENTING THE ESTATES OF THEIR AFORE-NAMED DECEASED PARENTS, PETITIONERS, VS. MANILA BANKING CORPORATION, NOW SUBSTITUTED BY FIRST SOVEREIGN ASSET MANAGEMENT [SPV-AMC], INC. [FSAMI], RESPONDENT.

G.R. No. 171206 | 2013-09-23

SECOND DIVISION
 
D E C I S I O N

PERLAS-BERNABE, J.:

Assailed in this petition for review on certiorari[1] are the Decision[2] dated July 20, 2005 and Resolution[3] dated January 4, 2006 of the Court of Appeals (CA) in CA-G.R. CV No. 50410 which dismissed petitioners’ appeal and affirmed the Decision[4] dated April 6, 1987 of the Regional Trial Court of Ormoc City, Branch 12 (RTC) directing petitioners to jointly and severally pay respondent Manila Banking Corporation the amount of P434,742.36, with applicable interests, representing the deficiency of the former’s total loan obligation to the latter after the extra-judicial...