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Millenium Industrial Corp. vs. Tan

MILLENIUM INDUSTRIAL COMMERCIAL CORPORATION, petitioner, vs. JACKSON TAN, respondent.

G.R. No. 131724 | 2000-02-28

D E C I S I O N

MENDOZA, J.:

In December 1994, Millenium Industrial Commercial Corporation, petitioner herein, executed a Deed of Real Estate Mortgage1 [Annex D; Rollo, p 55.] over its real property covered by TCT No. 24069 in favor of respondent Jackson Tan. The mortgage was executed to secure payment of petitioner\'s indebtedness to respondent in the amount of P2 million, without monthly interest, but which, at maturity date on June 10, 1995, was payable in the amount of P4 million.

On November 9, 1995, respondent filed against petitioner a complaint for foreclosure of mortgage in the Regional Trial Court, Branch 6, Cebu City. On...