First Metro Investment Corporation vs. Este del Sol Mountain Reserve, Inc. (362 SCRA 11! FAC"S#
Petitioner FMIC granted respondent a loan of Seven Million Three Hundred Eighty Five Thousand Five Hundred Pesos (P7,3!,!""#""$ to finan%e the %onstru%tion of a sports&resort %o'ple, Este del Sol Mountain )eserve, at Montal*an, )i+al# nder the agree'ent, the interest -as ./0 pa *ased on the di'inishing *alan%e# In %ase of default, an a%%eleration a%%eleration %lause -as provided and the a'ount due is su*1e%t to 2"0 oneti'e penalty on the a'ount due and su%h a'ount shall *ear interest at the highest rate per'itted *y la-# respondent executed
)espondent also ee%uted, as provided for *y the 4oan 5gree'ent, 5gree'ent, a real estate 'ortgage, individual %ontinuing suretyship and an under-riting agree'ent -here*y FMIC shall under-rite the pu*li% offering of one P.2",""" %o''on shares of respondent6s %apital %apital sto% for oneti'e under-riting under-riting fee of P2"",""", annual supervision fee and %onsultan%y fee -ith Consultan%y 5gree'ent 5gree'ent for four (8$ years, %oin%iding -ith the ter' of the loan# The said fees -ere dedu%ted fro' the first release of loan# )espondent failed to 'eet the s%hedule of repay'ent# Petitioner instituted instituted an instant %olle%tion suit# 5t the pu*li% au%tion, FIC -as the highest *idder# Petitioner filed to %olle%t for alleged defi%ien%y *alan%e against respondents sin%e it failed to %olle%t fro' the sureties, plus interest at 2.0# The trial %ourt rendered its de%ision in favor of petitioner# )espondents appealed *efore the C5# The appellate %ourt found and de%lared that the fees provided for in the nder-riting and Consultan%y 5gree'ents 5gree'ents -ere 'ere su*terfuges to %a'ouflage the e%essively usurious interest %harged %harged *y the petitioner FMIC on the loan of respondent Este del Sol9 and that the stipulated penalties, li:uidated da'ages and attorney;s fees -ere
=hether or not the nder-riting and Consultan%y 5gree'ents -ere 'ere su*terfuges to %a'ouflage the usurious interest %harged *y the petitioner# R$%I&'#
>ES# In the instant %ase, several fa%ts and %ir%u'stan%es taen altogether sho- that the nder-riting and Consultan%y 5gree'ents -ere si'ply %loas or devi%es to %over an illegal s%he'e e'ployed *y petitioner FMIC to %on%eal and %olle%t %olle%t e%essively e%essively usurious interest# interest# 5rt# .?!7# Contra%ts and stipulations, under any %loa or devi%e -hatever, -hatever, intended to %ir%u'vent the la-s against usury shall *e void# The *orro-er 'ay re%over in a%%ordan%e -ith the la-s on usury# In si'ple loan -ith stipulation of usurious interest, the prestation of the de*tor to pay the prin%ipal de*t, -hi%h is the %ause of the %ontra%t (5rti%le .3!", Civil Code$, is not illegal# The illegali illegality ty lies only as to the prestation to pay the stipulated interest9 hen%e, *eing separa*le, the latter only should *e dee'ed void, sin%e it is the only one that is illegal#
Thus, the nullity of the stipulation on the usurious interest does not affe%t the lender;s right to re%eive *a% the prin%ipal a'ount of the loan# =ith respe%t to the de*tor, the a'ount paid as interest under a usurious agree'ent is re%overa*le *y hi', sin%e the pay'ent is dee'ed to have *een 'ade under restraint, rather than voluntarily Hen%e, the instant petition -as denied and the assailed de%ision of the appellate %ourt is affir'ed#
