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Kalilid Wood Industries Corp etal vs I.A.Court etal

KALILID WOOD INDUSTRIES CORPORATION, ALFREDO SALONGA and JOAQUIN MIGUEL DE JESUS, petitioners, vs. HONORABLE INTERMEDIATE APPELLATE COURT and PHILIPPINE BANKING CORPORATION.

G.R. No. 75502 | 1987-11-12

D E C I S I O N


FELICIANO, J.:

On 17 November 1976, Joaquin Miguel de Jesus and Alfredo T. Salonga, President-General Manager and Comptroller, respectively, of P.B. De Jesus and Company, Inc., executed a promissory note (PBC No. 1202-76) in favor of respondent Philippine Banking Corporation in the amount of P600,000.00, the obligation maturing on 29 December 1976. Similarly, on 2 December 1976, a second promissory note (PBC No. 1255-76) was executed this time in the amount of P300,000.00, payable on or before 3 January 1977. These two instruments were executed to document or reflect loans secured from respondent Bank and were signed by...