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JOSEFA S. ABALOS* AND THE DEVELOPMENT BANK OF THE PHILIPPINES, PETITIONERS, VS. SPS. LOMANTONG DARAPA AND SINAB DIMAKUTA, RESPONDENTS.

JOSEFA S. ABALOS* AND THE DEVELOPMENT BANK OF THE PHILIPPINES, PETITIONERS, VS. SPS. LOMANTONG DARAPA AND SINAB DIMAKUTA, RESPONDENTS.

G.R. No. 164693 | 2011-03-23

FIRST DIVISION
 
D E C I S I O N

PEREZ, J.:

The petitioner, Development Bank of the Philippines (DBP), files the present petition for review on certiorari via Rule 45 of the Rules of Court,1 asking us to reverse and set aside the Court of Appeals' decision in CA G.R. CV. No. 70693 dated 26 September 20032 which affirmed the decision of the Regional Trial Court (RTC), Branch 3, lligan City.3

BACKGROUND FACTS
 
On 25 June 1962, petitioner DBP, Ozamis Branch, granted a P31,000.00 loan to respondent spouses Lomantong Darapa and Sinab Dimakuta (spouses) who executed therefore a real and chattel mortgage contract, which covered,...