Case Digest (G.R. No. 45134)
Facts:
Gotesco Properties, Inc. (Petitioner) and International Exchange Bank (now Union Bank of the Philippines) (Respondent) executed a Credit Agreement in 1996 secured by a real estate mortgage over a 20,673-square-meter property. After foreclosure and respondent's purchase of the property, petitioner filed Civil Case No. 554 in the Regional Trial Court (RTC) of Batangas seeking annulment of the foreclosure sale and damages for alleged noncompliance with Act No. 3135. On September 27, 2001, the parties executed a Compromise Agreement restructuring petitioner’s P256,740,000.00 loan, and on December 14, 2001 the RTC issued a judgment approving that agreement. Respondent moved for execution on October 27, 2009, asserting that petitioner had defaulted and owed P619,179,627.01 as of February 5, 2009. On June 16, 2010, Judge Wilfredo De Joya Mayor denied the motion as premature because the Compromise Agreement restructured the loan into a ten-year term running from March 31, 2003 to 2013. ...Case Digest (G.R. No. 45134)
Facts:
Gotesco Properties, Inc., as borrower, and International Exchange Bank (now Union Bank of the Philippines), as lender, executed a Credit Agreement secured by a real estate mortgage; after foreclosure Gotesco sued and, on December 14, 2001, the Regional Trial Court approved a Compromise Agreement restructuring Gotesco’s P256,740,000.00 loan into a ten-year term with quarterly amortizations. In October 2009 respondent moved for execution; Judge Wilfredo De Joya Mayor denied the motion as premature in a June 16, 2010 Order, but Judge Ernesto L. Marajas granted respondent’s motion for reconsideration and ordered execution in an August 18, 2011 Resolution; the Court of Appeals denied Gotesco’s certiorari petition and this Court affirmed the denial of the Petition for Review on Certiorari.Issues:
- Did Judge Ernesto L. Marajas commit grave abuse of discretion amounting to lack or excess of jurisdiction by granting respondent’s motion for reconsideration and setting aside the June 16, 2010 Order?
- Does Union Bank of the Philippines have the right to cause immediate execution of the December 14, 2001 judgment on the Compromise Agreement upon Gotesco’s failure to pay its quarterly amortizations?
Ruling:
- (Subscriber-Only)
Ratio:
- (Subscriber-Only)
Doctrine:
- (Subscriber-Only)