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Quezon Development Bank vs The Court Of Appeals, Construction Services Of Australia-Philippines, Inc. (Consaphil), Leocadio J. Dominguez, Isidro D. Carino, And Melchor D. Elegado, Respondents.

QUEZON DEVELOPMENT BANK, petitioner, vs. THE COURT OF APPEALS, CONSTRUCTION SERVICES OF AUSTRALIA-PHILIPPINES, INC. (CONSAPHIL), LEOCADIO J. DOMINGUEZ, ISIDRO D. CARINO, and MELCHOR D. ELEGADO, respondents.

G.R. No. 101240 | 1998-12-16

D E C I S I O N

MENDOZA, J.:

On April 22, 1983, petitioner Quezon Development Bank and private respondent Construction Services of Australia-Philippines, Inc. (CONSAPHIL) entered into a loan agreement pursuant to which petitioner granted CONSAPHIL loans in the amounts of P490,000.00 and P415,163.00, for which CONSAPHIL, through individual private respondents, executed two (2) promissory notes on April 27, 1982 and June 15, 1982, respectively.[1]

On April 9, 1986, petitioner brought an action for recovery of the amounts stated in the promissory notes, plus interest, penalties, and attorney's fees against private respondents. The case was...