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Development Bank of the Philippines Vs. Family Foods Manufacturing Co. Ltd. and Spouses Juliano and Catalina Centeno

DEVELOPMENT BANK OF THE PHILIPPINES, Petitioner, versus FAMILY FOODS MANUFACTURING CO. LTD., and SPOUSES JULIANCO and CATALINA CENTENO, Respondent.

G.R. No. 180458 | 2009-07-30

DECISION


NACHURA, J.:

At bar is a petition for review on certiorari under Rule 45 of the Rules of Court filed by petitioner Development Bank of the Philippines (DBP), challenging the May 11, 2007 Decision[1] and the October 24, 2007 Resolution[2] of the Court of Appeals (CA) in CA-G.R. CV No. 81360.

On September 15, 1982, respondent Family Foods Manufacturing Co. Ltd. (FAMILY FOODS), a partnership owned and operated by Spouses Julianco and Catalina Centeno (spouses Centeno) obtained an industrial loan of P500,000.00 from DBP. The loan was evidenced by a promissory note dated September 15, 1982 and payable in seven (7) years, with...