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DEVELOPMENT BANK OF THE PHILIPPINES vs. VERONICA AGUIRRE and THE HONORABLE CA (Ninth Division)

DEVELOPMENT BANK OF THE PHILIPPINES, petitioner, vs. VERONICA AGUIRRE and THE HONORABLE COURT OF APPEALS (Ninth Division), respondents.

G.R. No. 144877 | 2001-09-07

D E C I S I O N

MENDOZA, J.:

This is a petition for review of the decision,[1] dated December 29, 1999, of the Court of Appeals, annulling the foreclosure proceedings undertaken by petitioner Development Bank of the Philippines (DBP).

The facts are as follows:

In 1980, petitioner DBP granted a loan to Veronica Aguirre in the amount of P99,500.00, with interest at 14% per annum, payable in 25 years at monthly installments of P1,147.92. To secure the loan, respondent Aguirre executed a mortgage over a 180-square meter lot in Parañaque and issued two promissory notes covering the amount of the loan. As respondent Aguirre defaulted,...