G.R. NO. 160843 - CHINA BANKING CORPORATION, VS. MARIA G. LAGON, REPRESENTED BY ARMANDO G. LAGON AND/OR JOSE LAGON, JR..D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, judgment is hereby rendered in favor of defendants China Banking Corporation (CBC) and Jao Bio Tong ordering: (1) the dismissal of the complaint against both defendants and the cross-claim of defendant CBC against Jao; (2) ordering the plaintiff to pay to the defendant CBC the sum of P19,180,331.14 which is the total amount of the plaintiff's obligation under all the Promissory Notes (Exhibits "118-CBC", "119-CBC" and "120-CBC") plus the late payment penalty of 1/10 of 1% of the total amount due and the interest at 26% per annum until all the said obligation is fully paid, or, if the plaintiff can not pay this sum, and the penalty for late payment and the interest, ordering the sale of the lots covered by TCT Nos. T-56875 and 11593 belonging to the plaintiff and the foreclosure of the lot covered by OCT No. P-1228 also belonging to the plaintiff and the proceeds thereof applied to the payment of the above-stated obligation in its totality; (3) if after the sale of the mortgaged property, there is still a deficiency on the above-stated obligation, ordering the plaintiff to pay such deficiency; (4) ordering the plaintiff to pay to the defendant bank CBC the sum of P50,000.00 as and for attorney's fees; (5) ordering the plaintiff to pay to the defendant bank CBC the sum of P42,073.20 as actual damages; (6) ordering the plaintiff to pay the costs of the suit. SO ORDERED.