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Eastman Chemical Industries vs. Court of Appeals et

EASTMAN CHEMICAL INDUSTRIES, INC., petitioner, vs. HONORABLE COURT OF APPEALS, BANK OF THE PHILIPPINE ISLANDS and THE PROVINCIAL SHERIFF OF RIZAL, respondents.

G.R. No. 76733 | 1989-06-30

D E C I S I O N


MEDIALDEA, J.:

This petition assails: 1) the decision of the Court of Appeals dated October 27, 1986 insofar as it upheld the validity of the extrajudicial foreclosure sale of petitioner EASTMAN's mortgaged properties to satisfy EASTMAN's obligation in the Peroxide Account, and 2) the Resolution dated November 25, 1986, denying EASTMAN's Motion for Reconsideration.

The facts, as culled from the decision of the Court of Appeals, the court a qou and elsewhere in the records, are summarized as follows:

On November 23, 1973, Eastman Chemical Industries, Inc. (EASTMAN, for short), obtained a loan in the original amount of...