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1) Petitioners obtained multiple loans from respondents, executing promissory notes for the amounts borrowed plus interest. Petitioners failed to repay the loans on maturity. 2) Respondents filed a collection case. The trial court found the interest rates unconscionable and applied a 12% annual interest rate instead based on the Civil Code. 3) The Court of Appeals reversed, ruling that the Usury Law was inexistent and parties were free to agree to any interest rate. It applied the 5.5% monthly interest r

Author

Maria Janina

Language

EN