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Casent Realty & Development Corporation vs. Premiere Development Bank

CASENT REALTY & DEVELOPMENT CORPORATION, Petitioner, vs. PREMIERE DEVELOPMENT BANK, Respondent.

G.R. No. 163902 | 2006-01-27


SECOND DIVISION

D E C I S I O N 

PUNO, J.: 

This is a Petition for Certiorari under Rule 45 of the Rules of Court assailing the decision of the Third Division of the Court of Appeals in CA-G.R. SP No. 80245 dated February 27, 2004, and its resolution dated May 25, 2004. 

First, a brief overview of the facts. 

On December 28, 1994, petitioner Casent Realty & Development Corporation (Casent Realty) obtained from respondent Premiere Development Bank (Premiere Bank) a commercial loan of Php40,000,000.00 secured by Promissory Note No. 235-Z and a real estate mortgage over a parcel of land covered by Transfer Certificate of...