G.R. No. 226272 - PANACAN LUMBER CO., ANTONIO B. GO, MA. TERESA C. GO AND DOROTEA B. GO, VS. SOLIDBANK CORP., (NOW METROPOLITAN BANK & TRUST COMPANY),[1].D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, premises considered, the instant appeal is PARTIALLY GRANTED. The Decision dated February 13, 2012, of Branch 42 of the Regional Trial Court of Manila in Civil Case No. 99-95722 is REVERSED and SET ASIDE. Judgement is hereby rendered as follows: (I) Affirming the remaining balance of loan obligation under the letter of credit in the amount of US$108,000.00 subject to 6% interest per annum from May 1997 until the date of the foreclosure sale in October 1999 and applying the current exchange rate at the time payment is to be made; (II) Affirming the loan obligation of P700,000.00 under renewal promissory note subject to 6% interest per annum from November 1997 until the date of the foreclosure sale, October 1999; (III) Declaring the consolidation of title over the mortgaged property now in the name of defendant-appellant Metropolitan Bank & Trust Company, as null and void, for being in violation of the writ of preliminary injunction issued by the trial court and granting to the mortgagors, plaintiffs-appellees herein, a period of one (1) year from the finality of this Decision within which to redeem the subject property by paying the redemption price, following the computation in paragraphs I and II hereof, plus one percent (1%) interest per month thereon, from the time of foreclosure up to the time of the actual redemption, pursuant to Section 28, Rule 39 of the 1997 Rules of Civil Procedure. (IV) Deleting the award of temperate damages of P400,000.00 for the claim of unrealized profits and attorney's fees of P100,000.00 for lack of sufficient basis and for lack of merit. (V) Affirming the dismissal of defendant-appellant Solidbank Corporation's (now Metropolitan Bank & Trust Company) counterclaims for lack of merit. No pronouncement as to costs. SO ORDERED.