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Union Bank of the Philippines vs. Spouses Rodolfo T. Tiu and Victoria N. Tiu

UNION BANK OF THE PHILIPPINES, Petitioner,vs.SPOUSES RODOLFO T. TIU AND VICTORIA N. TIU, Respondents.

G.R. Nos. 173090-91 | 2011-09-07

FIRST DIVISION
D E C I S I O N
 
LEONARDO-DE CASTRO, J.:
 
This is a Petition for Review on Certiorari seeking to reverse the Joint Decision[1] of the Court of Appeals dated February 21, 2006 in CA-G.R. CV No. 00190 and CA-G.R. SP No. 00253, as well as the Resolution[2] dated June 1, 2006 denying the Motion for Reconsideration.
 
The factual and procedural antecedents of this case are as follows:
 
On November 21, 1995, petitioner Union Bank of the Philippines (Union Bank) and respondent spouses Rodolfo T. Tiu and Victoria N. Tiu (the spouses Tiu) entered into a Credit Line Agreement (CLA) whereby Union Bank agreed to make...