August 2011 - Philippine Supreme Court Resolutions
Philippine Supreme Court Resolutions
[G.R. No. 197185 : August 22, 2011]
BPI FAMILY SAVINGS BANK V. MA. MILAGROS A. REYES
G.R. No. 197185 (BPI Family Savings Bank v. Ma. Milagros A. Reyes).
RESOLUTION
The Court resolves to DENY the petition for failure to show that the Court of Appeals (CA) committed reversible error when it upheld the RTC's factual finding that there is a perfected loan contract between petitioner BPI and respondent Reyes. The loan contract was perfected the moment BPI agreed and informed Reyes that her loan application has already been approved and Reyes, in turn, accepted the terms of the loan. The CA aptly observed that BPI cannot raise for the first time on appeal the defense that the loan contract provided that it can cancel the contract if the mortgage is not formalized within seven days. Besides, the evidence showed that BPI did not immediately inform Reyes that her loan approval has already expired. In fact, after the seven-day period elapsed and before its February 16, 1998 letter to Reyes (unilaterally cancelling the loan contract), BPI even informed LPHI of the loan approval in a letter dated September 23, 1997. Since BPI is guilty of breach of faith, Reyes can rescind the loan contract.
SO ORDERED.
Very truly yours,
(Sgd.) LUCITA ABJELINA-SORIANO
Division Clerk of Court