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Spouses Calo vs. Spouses Tan, et al

SPS. RAYMUNDO & MARILYN CALO, Petitioners, Chairman, versus SPOUSES REYNALDO & LYDIA TAN and THE DEVELOPMENT BANK OF THE PHILIPPINES, (Butuan Branch), Respondents.

G.R. No. 151266 | 2005-11-29

D E C I S I O N 



Tinga, J.: 

On 9 September 1986, respondent Lydia Tan entered into a Joint Venture Agreement[1] with petitioner Raymundo Calo, and four other persons regarding a small scale mining business. It was agreed that respondent Lydia Tan would act as the financier and procure all the equipment needed for the business while Raymundo Calo would be an industrial partner, managing and overseeing the activities of the venture. 

Sometime in December 1986, petitioner Raymundo Calo applied for a loan of around P500,000.00 with the Development Bank of the Philippines (DBP), Butuan Branch, using as collateral several pieces...