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Arcadio and Maria Luisa Carandang vs. Heirs of Quirino A. De Guzman, et al.

ARCADIO and MARIA LUISA CARANDANG, Petitioners, versus HEIRS OF QUIRINO A. DE GUZMAN, namely: MILAGROS DE GUZMAN, VICTOR DE GUZMAN, REYNALDO DE GUZMAN, CYNTHIA G. RAGASA and QUIRINO DE GUZMAN, JR., Respondents.

G.R. No. 160347 | 2006-11-29

FIRST DIVISION
 
D E C I S I O N 
 
CHICO-NAZARIO, J.: 
 
This is a Petition for Review on Certiorari assailing the Court of Appeals Decision[1] and Resolution affirming the Regional Trial Court (RTC) Decision rendering herein petitioners Arcadio and Luisa Carandang [hereinafter referred to as spouses Carandang] jointly and severally liable for their loan to Quirino A. de Guzman. 
 
The Court of Appeals summarized the facts as follows: 
 
[Quirino de Guzman] and [the Spouses Carandang] are stockholders as well as corporate officers of Mabuhay Broadcasting System (MBS for brevity), with equities at fifty...