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This case involved a loan of P500,000 from petitioners to respondents that was documented in an acknowledgment receipt. The Supreme Court ruled that: 1) The transaction was a simple loan, not a joint venture as claimed by respondents. Interest accrued at 12% per annum as stated in the Civil Code when the interest rate is not specified. 2) Respondents made an overpayment of P3,379.17 due to invalid interest charges. Petitioners must reimburse this amount based on the principle of solutio indebiti. Howeve

Author

Ramon Eldono

Language

EN