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Metropolitan Bank & Trust Co. Vs. Nikko Sources International Corp. and Supermax Philippines, Inc.

METROPOLITAN BANK & TRUST CO., Petitioner, versus NIKKO SOURCES INTERNATIONAL CORP., and SUPERMAX PHILIPPINES, INC., Respondents

G.R. No. 178479 | 2009-10-23

D E C I S I O N


CARPIO MORALES, J.:

Respondent Supermax Philippines, Inc. (Supermax) obtained loans in 1999 from Metropolitan Bank and Trust Company (petitioner) totaling P24,600,000.[1] To secure the loans, its co-respondent Nikko Sources International Corporation mortgaged a parcel of land covered by Transfer Certificate of Title No. T-763001 in its name.[2]

Supermax failed to pay the loans upon maturity, hence, petitioner filed a petition for extra-judicial foreclosure of the mortgage before a notary public in Cavite.[3] A Notice of Sale[4] scheduled on August 4, 2000 was rescheduled to November 7, 2000 on petitioner's request,[5]...