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Premier Development Bank Vs. Central Surety and Insurance Company, Inc.

PREMIERE DEVELOPMENT BANK, Petitioner, versus CENTRAL SURETY & INSURANCE COMPANY, INC., Respondent.

G.R. No. 176246 | 2009-02-13

DECISION


NACHURA, J.:

Before us is a petition for review on certiorari assailing the Court of Appeals (CA) Decision[1] in CA-G.R. CV No. 85930, which reversed and set aside the decision of the Regional Trial Court (RTC), Branch 132, Makati City in Civil Case No. 0051306.[2]

On August 20, 1999, respondent Central Surety & Insurance Company (Central Surety) obtained an industrial loan of P6,000,000.00 from petitioner Premiere Development Bank (Premiere Bank) with a maturity date of August 14, 2000. This P6,000,000.00 loan, evidenced by Promissory Note (PN) No. 714-Y,[3] stipulates payment of 17% interest per annum payable monthly in...