TEODORO BAÑAS,* C. G. DIZON CONSTRUCTION

Jun 16th, 2015
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C. G. DIZON CONSTRUCTION INC. and CENEN DIZON in this petition for review seek the reversal of the 24 July 1996 Decision of theCourt of Appeals dismissing their appeal for lack of merit and affirming in toto the decision of the trial court holding them liable to Asia PacificFinance Corporation

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SECOND DIVISION[G.R. No. 128703.October 18, 2000]TEODORO BAAS,*C. G. DIZON CONSTRUCTION, INC., and CENEN DIZON,petitioners, vs.ASIA PACIFICFINANCE CORPORATION,[1]substituted by INTERNATIONAL CORPORATE BANK now known asUNIONBANK OF THE PHILIPPINES,respondent.D E C I S I O NBELLOSILLO,J.:C. G. DIZON CONSTRUCTION INC. and CENEN DIZON in this petition for review seek the reversal of the 24 July 1996 Decision of theCourt of Appealsdismissing their appeal for lack of merit and affirmingin totothe decision of the trial court holding them liable toAsia PacificFinance Corporation in the amount ofP87,637.50 at 14% interest per annum in addition toattorney's fees and costs of suit, as well as its 21 March 1997 Resolution denying reconsideration thereof.[2]On 20 March 1981 AsiaPacific FinanceCorporation (ASIA PACIFIC for short) filed a complaint for a sum of money with prayer for a writ of replevin against Teodoro Baas, C. G. Dizon Construction and Cenen Dizon.Sometime in August 1980 Teodoro Baas executed aPromissory Notein favor of C. G. Dizon Construction whereby for value received he promised to pay to the order of C. G. Dizon Construction the sum ofP390,000.00 in installments of "P32,500.00 every 25th day of the month starting from September 25, 1980 up to August 25, 1981."[3]Later, C. G. Dizon Construction endorsed with recourse thePromissory Noteto ASIA PACIFIC, and tosecure paymentthereof, C. G. Dizon Construction, thro

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