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Perpetual Savings Bank, Et Al. Vs. Jose Oro B. Fajardo, Et Al.

PERPETUAL SAVINGS BANK, HON. JOSE L. COSCOLLUELA, Presiding Judge, Regional Trial Court, NCJR, Branch 146, petitioners, vs. JOSE ORO B. FAJARDO and EMMANUEL F. DEL MUNDO, respondents.

G.R. No. 79760 | 1993-06-28

D E C I S I O N


FELICIANO, J.:

On 29 December 1982, J.J. Mining and Exploration Corporation ("J.J. Mining") executed and delivered to petitioner Perpetual Savings Bank ("Bank") a promissory note in the amount of P750,000.00 payable in one lump sum upon maturity on 29 January 1984, with interest at 23% per annum. The note also contained, inter alia, a clause providing for penalty interest at the rate of 3% per month on the amount due, compounded monthly. The promissory note was executed for J.J. Mining by respondents Jose Oro B. Fajardo and Emmanuel F. Del Mundo. Messrs. Fajardo and Del Mundo are said to be officers of J.J. Mining;...