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Metropolitan Bank and Trust Company vs. Centro Development Corp., et al.

METROPOLITAN BANK and TRUST COMPANY, Petitioner, vs. CENTRO DEVELOPMENT CORPORATION, CHONGKING KEHYENG, MANUEL CO KEHYENG and Quirino Kehyeng, Respondents.

G.R. No. 180974 | 2012-06-13

SECOND DIVISION
D E C I S I O N
SERENO, J.:
 
The present Petition for Review[1] assails the Court of Appeals (CA) Decision[2] promulgated on 30 August 2007 and Resolution[3] dated 26 November 2007 in CA-G.R. CV No. 80778. The antecedent facts follow.
 
On 20 March 1990, in a special meeting of the board of directors of respondent Centro Development Corporation (Centro), its president Go Eng Uy was authorized to mortgage its properties and assets to secure the medium-term loan of P84 million of Lucky Two Corporation and Lucky Two Repacking. The properties and assets consisted of a parcel of land with a building and...