G.R. No. 160408 SPOUSES ROBERTO and ADELAIDA PEN, Petitioners, s. SPOUSES SANTOS and LINDA !ULIAN, Res"ondents.
DECISION BERSAMIN, J.: The petitioners who were the buyers of the ort!"!e# property of the respon#ents respon#ents see$ the re%ers"& of the #e'ision prou&!"te# on O'tober (), ())*,+ whereby the Court of Appe"&s CA- "re# with o#i/'"tion the "#%erse 0u#!ent ren#ere# on Au!ust *), +111 by the Re!ion"& Tri"& Court RTC-, RTC-, Br"n'h 22, in 3ue4on City.( In their respe'ti%e ru&in!s, the CA "n# the RTC both #e'&"re# the #ee# of s"&e respe'tin! the respon#ents5 property "s %oi# "n# ine6istent, "&beit preise# upon #i7erent re"sons. Ante'e#ents The CA su"ri4e# the "nte'e#ent f"'ts "n# pro'e#ur"& "tters in its "ss"i&e# #e'ision "s fo&&ows: On Apri& 1, +189, the "ppe&&ees the Ju&i"ns- obt"ine# " 9),))).)) &o"n fro "ppe&&"nt A#e&"i#" en. On M"y (*, +189 "n# on the si'- M"y (2, +189, they were "!"in e6ten#e# &o"ns in the "ounts of ;),))).)) "n# +),))).)), respe'ti%e&y by "ppe&&"nt A#e&"i#". The initi"& interests were #e#u'te# by "ppe&&"nt A#e&"i#", +*,9)).)) fro the 9),))).)) &o"n< (- (,=)).)) fro the ;),))).)) &o"n< "n# *- 9)).)) fro the +),))). )) &o"n. Two (- proissory notes were e6e'ute# e6e'ute# by the "ppe&&ees in f"%or of "ppe&&"nt A#e&"i#" to e%i#en'e the fore!oin! &o"ns, one #"te# Apri& 1, +189 "n# p"y"b&e on June +;, +189 for the 9),))).)) &o"n "n# "nother #"te# M"y ((, +189 p"y"b&e on Ju&y ((, +189 for the ;),))).)) &o"n. Both Jo"ns were 'h"r!e# interest "t 9> per onth. As se'urity, on M"y (*, +189, the "ppe&&ees e6e'ute# " Re"& Est"te Mort!"!e o%er their property 'o%ere# by TCT No. *(22** re!istere# un#er the n"e of "ppe&&ee S"ntos Ju&i"n, Jr. The owner5s #up&i'"te of TCT No. *(22** w"s #e&i%ere# to the "ppe&&"nts. Appe&&"nt5s %ersion of the subse?uent e%ents run "s fo&&ows: @hen the &o"ns be'"e #ue "n# #e"n#"b&e, "ppe&&ees f"i&e# to p"y #espite se%er"& #e"n#s. As su'h, "ppe&&"nt A#e&"i#" #e'i#e# to institute fore'&osure pro'ee#in!s. owe%er, she w"s pre%"i&e# upon by "ppe&&ee in#" not to fore'&ose the property be'"use of the 'ost of &iti!"tion "n# sin'e it wou&# '"use her eb"rr"ssent "s the pro'ee#in!s wi&& be "nnoun'e# in pub&i' p&"'es "t the City "&&, where she h"s "ny frien#s. Inste"#, "ppe&&ee in#" o7ere# their ort!"!e# property "s p"yent in $in#. After the o'u&"r inspe'tion, the p"rties "!ree# to h"%e the property %"&ue# "t 2),))).)). There"fter, on O'tober ((, +189 "ppe&&ee e6e'ute# " two (- p"!e Dee# of S"&e #u&y si!ne# by her on the &eft "r!in "n# o%er her printe# n"e. After the e6e'ution of the Dee# of S"&e, "ppe&&"nt en p"i# the '"pit"& !"ins t"6 "n# the re?uire# re"& property t"6. Tit&e to the property w"s tr"nsferre# to the "ppe&&"nts by the issu"n'e of TCT No. *9=88) on Ju&y +2, +182. A re'onstitute# tit&e w"s "&so issue# to the "ppe&&"nts on Ju&y )1, +11= when the 3ue4on City Re!ister of Dee#s w"s burne# si'-. On Ju&y +181, "ppe&&"nts "&&e!e th"t "ppe&&ee in#" o7ere# to repur'h"se the property to whi'h the forer "!ree# "t the repur'h"se pri'e of =*9, & +;.)) p"y"b&e in '"sh on Ju&y *+, +181. The "ppe&&ees f"i&e# to repur'h"se on the "!ree# #"te. On ebru"ry +11), "ppe&&ees "!"in o7ere# to repur'h"se the property for the s"e
"ount, but they sti&& f"i&e# to repur'h"se. On June (8, +11), "nother o7er w"s "#e to repur'h"se the property for the s"e "ount. A ppe&&ee in#" o7ere# to p"y +)),))).)) in '"sh "s si!n of !oo# f"ith. The o7er w"s re0e'te# by "ppe&&"nt A#e&"i#". The &"tter he&# the oney on&y for s"fe$eepin! upon the p&e"#in! of "ppe&&ee in#". pon the "!reeent of the p"rties, the "ount of +)),))).)) w"s #e#u'te# fro the b"&"n'e of the "ppe&&ees5 in#ebte#ness, so th"t "s of O'tober +;, +112, their unp"i# b"&"n'e "ounte# to *+1, )9;.)). Appe&&"nts "&&e!e th"t inste"# of p"yin! &the s"i# b"&"n'e, the "ppe&&ees institute# on Septeber 8, +11= the 'i%i& 'op&"int "n# /&e# "n "#%erse '&"i "n# &is pen#ens whi'h were "nnot"te# "t the b"'$ of the tit&e to the property. On the other h"n#, the "ppe&&ees "%er the fo&&owin!: At the tie the ort!"!e w"s e6e'ute#, they were &i$ewise re?uire# by the "ppe&&"nt A#e&"i#" to si!n " one +p"!e #o'uent purporte#&y "n FAbso&ute Dee# of S"&eF. S"i# #o'uent #i# not 'ont"in "ny 'onsi#er"tion, "n# w"s Fun#"te#, un/&&e# "n# unnot"ri4e#F. They "&&e!e th"t their tot"& p"yents "ounte# to ++;,=)).)) "n# th"t their &"st p"yent w"s on June (8, +11) in the "ount of +)),))).)). In De'eber +11(, "ppe&&ee in#" Ju&i"n o7ere# to p"y "ppe&&"nt A#e&"i#" the "ount of +;),))).)). The &"tter refuse# to "''ept the o7er "n# #e"n#e# th"t she be p"i# the "ount of (;),))).)). n"b&e to eet the #e"n#, "ppe&&ee in#" #esiste# fro the o7er "n# re?ueste# th"t she be shown the &"n# tit&e whi'h she 'on%eye# to the "ppe&&ee A#e&"i#", but the &"tter refuse#. pon %eri/'"tion with the Re!istry of Dee#s of 3ue4on City, she w"s infore# th"t the tit&e to the ort!"!e# property h"# "&re"#y been re!istere# in the n"e of "ppe&&ee A#e&"i#" un#er TCT No. *9=88), "n# th"t the tr"nsfer w"s entere# on Ju&y +2, +182. A re'onstitute# tit&e, TCT No. RTG=;(2( RTG=;(2( *9=88)-, "&so "ppe"re# "ppe"re# on /&e in the Re!istry of Dee#s rep&"'in! TCT No. *9=88). By re"son of the fore!oin! #is'o%eries, "ppe&&ee /&e# "n A#"%it of A#%erse C&"i on J"nu"ry +11*.+"%%phi+ Counse& for the "ppe&&ees, on Au!ust +(, +11=, for"&&y #e"n#e# the re'on%ey"n'e of the tit&e "n#Hor the property to the, but the "ppe&&"nts refuse#. In the pro'ess of obt"inin! other #o'uents< the "ppe&&ees "&so #is'o%ere# th"t the "ppe&&"nts h"%e obt"ine# se%er"& De'&"r"tions of Re"& roperty, "n# " Dee# of S"&e 'onsistin! of two (- p"!es whi'h w"s not"ri4e# by one Atty. Atty. Ces"r Chin!. S"i# #o'uent in#i'"tes " 'onsi#er"tion of 2),))).)) for the &ot, "n# w"s "#e to "ppe"r "s h"%in! been e6e'ute# on O'tober ((, +189. On Septeber 8, +11=, "ppe&&ees /&e# " suit for the C"n'e&&"tion of S"&e, C"n'e&&"tion of Tit&e issue# to the "ppe&&"nts< Re'o%ery of ossession< D""!es with r"yer for re&iin"ry In0un'tion. The 'op&"int "&&e!e# th"t "ppe&&"nt A#e&"i#", throu!h ob%ious b"# f"ith, "&i'ious&y type#, uni&"ter"&&y /&&e# up, "n# '"use# to be not"ri4e# the Dee# of S"&e e"r&ier si!ne# by "ppe&&ee Ju&i"n, "n# use# this spurious #ee# of s"&e "s the %ehi'&e for her fr"u#u&ent tr"nsfer unto herse&f the p"r'e& of &"n# 'o%ere# by TCT No. *(22**.* Ju#!ent of the RTC RTC In its 0u#!ent ren#ere# on Au!ust *), +111,= the RTC ru&e# in f"%or of the respon#ents. A''or#in! !re"ter 're#en'e to the %ersion of the respon#ents on the true n"ture of their tr"ns"'tion, the tri"& 'ourt 'on'&u#e# th"t they h"# not "!ree# on the 'onsi#er"tion for the s"&e "t the tie they si!ne# the #ee# of s"&e< th"t in the "bsen'e of the 'onsi#er"tion, the s"&e &"'$e# one of the essenti"& re?uisites of " %"&i# 'ontr"'t< th"t the #efense of pres'ription w"s re0e'te# be'"use the "'tion to ipu!n the %oi# 'ontr"'t w"s ipres'riptib&e< "n# th"t the proissory notes "n# the re"& est"te ort!"!e in f"%or of the petitioners were nonethe&ess %"&i#, ren#erin! the respon#ents &i"b&e to sti&& p"y their outst"n#in! ob&i!"tion with interest.
The RTC #ispose# thus&y: @EREORE, 0u#!ent is hereby ren#ere#: +. De'&"rin! the Dee# of S"&e, #"te# O'tober ((, +189, %oi# or ine6istent< (. C"n'e&&in! TCT No. RTG=;(2( *9==8)- "n# #e'&"rin! it to be of no further &e!"& for'e "n# e7e't< *. Or#erin! the #efen#"nts to re'on%ey the sub0e't property to the p&"inti7s "n# to #e&i%er to the the possession thereof< "n# =. Or#erin! the p&"inti7s to p"y to the #efen#"nts the unp"i# b"&"n'e of their in#ebte#ness p&us "''rue# interest tot"&in! ,*+1,)9;.)) "s of O'tober +;, +112, p&us interests "t the &e!"& r"te 'ounte# fro the #"te of /&in! of the 'op&"int "n# unti& the fu&& p"yent thereof, without pre0u#i'e to the ri!ht of the #efen#"nts to fore'&ose the ort!"!e in the e%ent th"t p&"inti7s wi&& f"i& to p"y their ob&i!"tion. No pronoun'eent "s to 'ost.
Issues In this "ppe"&, the petitioners posit the fo&&owin! issues, n"e&y: +- whether or not the CA erre# in ru&in! "!"inst the %"&i#ity of the #ee# of s"&e< "n# (- whether or not the CA erre# in ru&in! th"t no onet"ry interest w"s #ue for in#"5s use of A#e&"i#"5s oney. Ru&in! of the Court The "ppe"& is p"rt&y eritorious. Th"t the petitioners "re r"isin! f"'tu"& issues "bout the true n"ture of their tr"ns"'tion with the respon#ent is "&re"#y of itse&f, su'ient re"son to forthwith #eny #ue 'ourse to the petition for re%iew on 'ertior"ri. They '"nnot i!nore th"t "ny "ppe"& to the Court is &iite# to ?uestions of &"w be'"use the Court is not " trier of f"'ts. As su'h, the f"'tu"& /n#in!s of the CA shou&# be respe'te# "n# "''or#e# !re"t wei!ht, "n# e%en /n"&ity when supporte# by the subst"nti"& e%i#en'e on re'or#.8 Moreo%er, in %iew of the un"niity between the RTC "n# the CA on the #ee# of s"&e bein! %oi#, %"ryin! on&y in their 0usti/'"tions, the Court "rs the CA, "n# "#opts its 'on'&usions on the in%"&i#ity of the #ee# of s"&e.
SO ORDERED.; De'ision of the CA On "ppe"& by the petitioners, the CA "re# the RTC with o#i/'"tion un#er its "ss"i&e# #e'ision of O'tober (), ())*,9 #e'reein!: @EREORE, preises 'onsi#ere#, the De'ision of the Re!ion"& Tri"& Court of 3ue4on City is AIRMED @IT o#i/'"tion. Ju#!eent is hereby ren#ere#: +. De'&"rin! the Dee# of S"&e, #"te# O'tober ((, +189, %oi# or ine6istent< (. C"n'e&&in! TCT No. RTG=;(2( *9=88)- "n# #e'&"rin! it to be of no further &e!"& for'e "n# e7e't< *. Or#erin! the "ppe&&"ntsG#efen#"nts to re'on%ey the sub0e't property to the p&"inti7sG"ppe&&ees "n# to #e&i%er to the the possession thereof< "n# =. Or#erin! the p&"inti7sG"ppe&&'es to p"y to the #efen#"nts the unp"i# b"&"n'e of their in#ebte#ness, =*,=1(.+; "s of June (8, +11), p&us interests "t the &e!"& r"te of +(> per "nnu fro s"i# #"te "n# unti& the fu&& p"yent thereof, without pre0u#i'e to the ri!ht of the #efen#"nts to fore'&ose the ort!"!e in the e%ent th"t p&"inti7sG "ppe&&ees wi&& f"i& to p"y their ob&i!"tion. SO ORDERED.2 The CA pronoun'e# the #ee# of s"&e "s %oi# but not be'"use of the suppose# &"'$ of 'onsi#er"tion "s the R TC h"# in#i'"te#, but be'"use of the #ee# of s"&e h"%in! been e6e'ute# "t the s"e tie "s the re"& est"te ort!"!e, whi'h ren#ere# the s"&e "s " prohibite# p"'tu 'oissoriu in &i!ht of the f"'t th"t the #ee# of s"&e w"s b&"n$ "s to the 'onsi#er"tion "n# the #"te, whi'h #et"i&s wou&# be /&&e# out upon the #ef"u&t by the respon#ents< th"t the proissory notes 'ont"ine# no stipu&"tion on the p"yent of interest on the ob&i!"tion, for whi'h re"son no onet"ry interest 'ou&# be ipose# for the use of oney< "n# th"t 'opens"tory interest shou&# inste"# be ipose# "s " for of #""!es "risin! fro in#"5s f"i&ure to p"y the outst"n#in! ob&i!"tion.
Nonethe&ess, @e wi&& t"$e the o''"sion to e6p&"in why we 'on'ur with the CA5s 0usti/'"tion in #is're#itin! the #ee# of s"&e between the p"rties "s p"'tu 'oissoriu. Arti'&e ()88 of the Ci%i& Co#e prohibits the 're#itor fro "ppropri"tin! the thin!s !i%en by w"y of p&e#!e or ort!"!e, or fro #isposin! of the< "ny stipu&"tion to the 'ontr"ry is nu&& "n# %oi#. The e&e ents for p"'tu 'oissoriu to e6ist "re "s fo&&ows, to wit: "- th"t there shou&# be " p&e#!e or ort!"!e wherein property is p&e#!e# or ort!"!e# by w"y of se'urity for the p"yent of the prin'ip"& ob&i!"tion< "n# b- th"t there shou&# be " stipu&"tion for "n "uto"ti' "ppropri"tion by the 're#itor of the thin! p&e#!e# or ort!"!e# in the e%ent of nonGp"yent of the prin'ip"& ob&i!"tion within the stipu&"te# perio#.1 The /rst e&eent w"s present 'onsi#erin! th"t the property of the respon#ents w"s ort!"!e# by in#" in f"%or of A#e&"i#" "s se'urity for the f"rer5s in#ebte#ness. As to the se'on#, the "uthori4"tion for A#e&"i#" to "ppropri"te the property sub0e't of the ort!"!e upon in#"5s #ef"u&t w"s ip&ie# fro in#"5s h"%in! si!ne# the b&"n$ #ee# of s"&e siu&t"neous&y with her si!nin! of the re"& est"te ort!"!e. The h"ste with whi'h the tr"nsfer of property w"s "#e upon the #ef"u&t by in#" on her ob&i!"tion, "n# the e%entu"& tr"nsfer of the property in " "nner not in the for of " %"&i# #"'ion en p"!o u&ti"te&y 'on/re# the n"ture of the tr"ns"'tion "s " p "'tu 'oissoriu. It is not"b&e th"t in re"'hin! its 'on'&usion th"t in#"5s #ee# of s"&e h"# been e6e'ute# siu&t"neous&y with the re"& est"te ort!"!e, the CA /rst 'op"re# the un/&&e# #ee# of s"&e presente# by in#" with the not"ri4e# #ee# of s"&e "##u'e# by A#e&"i#". The CA 0ust&y #e#u'e# th"t the 'op&etion "n# e6e'ution of the #ee# of s"&e h"# been 'on#itione# on the nonGp"yent of the #ebt by in#", "n# re"son"b&y pronoun'e# th"t su'h 'ir'ust"n'es ren#ere# the tr"ns"'tion p"'tu 'oissoriu. The Court shou&# not #isturb or un#o the CA5s 'on'&usion in the "bsen'e of the '&e"r showin! of "buse, "rbitr"riness or '"pri'iousness on the p"rt of the CA.+) The petitioners h"%e theori4e# th"t their tr"ns"'tion with the respon#ents w"s " %"&i# #"'ion en p"!o by hi!h&i!htin! th"t it w"s in#" who h"# o7ere# to se&& her property upon her #ef"u&t. Their theory '"nnot st"n# s'rutiny. D"'ion en p"!o is in the n"ture of " s"&e be'"use property is "&ien"te# in f"%or of the 're#itor in s"tisf"'tion of " #ebt in oney.++ or " %"&i# #"'ion en p"!o to tr"nspire, howe%er,
the "tten#"n'e of the fo&&owin! e&eents ust be est"b&ishe#, n"e&y: "- the e6isten'e of " oney ob&i!"tion< b- the "&ien"tion to the 're#itor of " property by the #ebtor with the 'onsent of the forer< "n# '- the s"tisf"'tion of the oney ob&i!"tion of the #ebtor.+( To h"%e " %"&i# #"'ion en p"!o, therefore, the "&ien"tion of the property ust fu&&y e6tin!uish the #ebt. et, the #ebt of the respon#ents subsiste# #espite the tr"nsfer of the property in f"%or of A#e&"i#". The petitioners insist th"t the p"rties "!ree# th"t the #ee# of s"&e wou&# not yet 'ont"in the #"te "n# the 'onsi#er"tion be'"use they h"# sti&& to "!ree on the pri'e.+* Their insisten'e is not supporte# by the est"b&ishe# 'ir'ust"n'es. It "ppe"rs th"t two #"ys "fter the &o"n fe&& #ue on O'tober +;, +189,+= in#" o7ere# to se&& the ort!"!e# property<+; hen'e, the p"rties "#e the o'u&"r inspe'tion of the preises on O'tober +8, +189. By th"t tie, A#e&"i#" h"# "&re"#y be'oe "w"re th"t the "ppr"iser h"# %"&ue# the property "t 2), ))).)). If th"t w"s so, there w"s no p&"usib&e re"son for sti&& &e"%in! the 'onsi#er"tion on the #ee# of s"&e b&"n$ if the #ee# w"s #r"fte# by A#e&"i#" on O'tober (), +189, espe'i"&&y 'onsi#erin! th"t they 'ou&# h"%e 'on%enient&y 'ouni'"te# with e"'h other in the e"nwhi&e on this si!ni/'"nt "spe't of their tr"ns"'tion. It w"s "&so iprob"b&e for A#e&"i#" to sti&& h"n# the un/&&e# #ee# of s"&e to in#" "s her 'opy if, "fter "&&, the #ee# of s"&e wou&# be e%entu"&&y not"ri4e# on O'tober ((, +189. A''or#in! to Arti'&e +*+8 of the Ci%i& Co#e, the re?uisites for "ny 'ontr"'t to be %"&i# "re, n"e&y: "- the 'onsent of the 'ontr"'tin! p"rties< b- the ob0e't< "n# '- the 'onsi#er"tion. There is " perfe'tion of " 'ontr"'t when there is " eetin! of the in#s of the p"rties on e"'h of these re?uisites.+9 The fo&&owin! p"ss"!e h"s /ttin!&y #is'usse# the pro'ess of perfe'tion in Moreno, J r. %. ri%"te M"n"!eent O'e:+2 To re"'h th"t oent of perfe'tion, the p"rties ust "!ree on the s"e thin! in the s"e sense, so th"t their in#s eet "s to "&& the ters. They ust h"%e " #istin't intention 'oon to both "n# without #oubt or #i7eren'e< unti& "&& un#erst"n# "&i$e, there '"n be no "ssent, "n# therefore no 'ontr"'t. The in#s of p"rties ust eet "t e%ery point< nothin! '"n be &eft open for further "rr"n!eent. So &on! "s there is "ny un'ert"inty or in#e/niteness, or future ne!oti"tions or 'onsi#er"tions to be h"# between the p"rties, there is not " 'op&ete# 'ontr"'t, "n# in f"'t, there is no 'ontr"'t "t "&&.+8 In " s"&e, the 'ontr"'t is perfe'te# "t the oent when the se&&er ob&i!"tes herse&f to #e&i%er "n# to tr"nsfer ownership of " thin! or ri!ht to the buyer for " pri'e 'ert"in, "s to whi'h the &"tter "!rees.+1 The "bsen'e of the 'onsi#er"tion fro in#"5s 'opy of the #ee# of s"&e w"s 're#ib&e proof of the &"'$ of "n essenti"& re?uisite for the s"&e. In other wor#s, the eetin! of the in#s of the p"rties so %it"& in the perfe'tion of the 'ontr"'t of s"&e #i# not tr"nspire. An#, e%en "ssuin! th"t in#"5s &e"%in! the 'onsi#er"tion b&"n$ ip&ie# the "uthority of A#e&"i#" to /&& in th"t essenti"& #et"i& in the #ee# of s"&e upon in#"5s #ef"u&t on the &o"n, the 'on'&usion of the CA th"t the #ee# of s"&e w"s " p"'tu 'oisoriu sti&& ho&#s, for, "s e"r&ier entione#, "&& the e&eents of p"'tu 'oisoriu were present.
Anent interest, the CA #e&ete# the iposition of onet"ry interest but #e'ree# 'opens"tory interest of +(> per "nnu. Interest th"t is the 'opens"tion /6e# by the p"rties for the use or forbe"r"n'e of oney is referre# to "s onet"ry interest.+wphi+ On the other h"n#, interest th"t "y be ipose# by &"w or by the 'ourts "s pen"&ty or in#enity for #""!es is '"&&e# 'opens"tory interest. In other wor#s, the ri!ht to re'o%er interest "rises on&y either by %i++ue of " 'ontr"'t or "s #""!es for #e&"y or f"i&ure to p"y the prin'ip"& &o"n on whi'h the interest is #e"n#e#.() The CA 'orre't&y #e&ete# the onet"ry interest fro the 0u#!ent. ursu"nt to Arti'&e +1;9 of the Ci%i& Co#e, no interest sh"&& be #ue un&ess it h"s been e6press&y stipu&"te# in writin!. In or#er for onet"ry interest to be ipose#, therefore, two re?uireents ust be present, spe'i/'"&&y: "- th"t there h"s been "n e6press stipu&"tion for the p"yent of interest< "n# b- th"t the "!reeent for the p"yent of interest h"s been re#u'e# in writin!.(+ Consi#erin! th"t the proissory notes 'ont"ine# no stipu&"tion on the p"yent of onet"ry interest, onet"ry interest '"nnot be %"&i#&y ipose#. The CA proper&y ipose# 'opens"tory interest to o7set the #e&"y in the respon#ents5 perfor"n'e of their ob&i!"tion. Nonethe&ess, the iposition of the &e!"& r"te of interest shou&# be o#i/e# to 'onfor to the pre%"i&in! 0urispru#en'e. The r"te of +(> per "nnu ipose# by the CA w"s the r"te set in "''or#"n'e with E"stern Shippin! ines, In'., %. Court of Appe"&s.(( In the e"nwhi&e, B"n!$o Sentr"& n! i&ipin"s Monet"ry Bo"r# Reso&ution No. 219 #"te# M"y +9, ()+*, "en#in! Se'tion ( of Cir'u&"r No. 1);, Series of +18(, "n# Cir'u&"r No. 211, Series of ()+*, h"s &owere# to 9> per "nnu the &e!"& r"te of interest for " &o"n or forbe"r"n'e of oney, !oo#s or 're#it st"rtin! Ju&y +, ()+*. This re%ision is e6press&y re'o!ni4e# in N"'"r %. K"&&ery r"es.(* It shou&# be note#, howe%er, th"t iposition of the &e!"& r"te of interest "t 9> per "nnu is prospe'ti%e in "pp&i'"tion. A''or#in!&y, the &e!"& r"te of interest on the outst"n#in! ob&i!"tion of =*,=1(.+; "s of June (8, +11), "s the CA foun#, shou&# be "s fo&&ows: "- fro the tie of #e"n# on O'tober +*, +11= unti& June *), ()+*, the &e!"& r"te of interest w"s +(> per "nnu 'onfor"b&y with E"stern Shippin! &ines< "n# b- fo&&owin! N"'"r, fro J u&y +, ()+* unti& fu&& p"yent, the &e!"& interest is 9> per "nnu. @EREORE, the Court AIRMS the #e'ision prou&!"te# on O'tober (), ())* sub0e't to the MODIICATION th"t the "ount of =*,=1(.&; #ue fro the respon#ents sh"&& e"rn &e!"& interest of +(> per "nnu re'$one# fro O'tober +*, +11= unti& June *), ()+*, "n# 9> per "nnu fro Ju&y +, ()+* unti& fu&& p"yent. @ithout pronoun'eent on 'osts of suit. SO ORDERED.
