G.R. No. 201074. October 19, 2016
MAIN TOPIC – CONTRACT OF LOAN – General Concepts
- Petitioners, under the trade name and style of “Moondrops General Merchandising,” obtained a loan from Westmont Bank. They signed blank forms of promissory notes, disclosure statements and continuing suretyship agreements for the purpose of securing any future indebtedness of Moondrops.
- Westmont filed a complaint because the petitioners allegedly defaulted in the payment of the loan obligation in the amount of P4,000,000.00. Demand letter was sent to them, but it was unheeded.