FACTS:
Globe Asiatique Realty Holdings Corporation (Globe Asiatique) and Union Bank of the Philippines (Union Bank) entered into a Memorandum of Agreement (MOA) wherein Union Bank agreed to purchase installment accounts receivables from Globe Asiatique's real estate projects. Globe Asiatique executed Deeds of Assignment (DAs) and Special Powers of Attorney (SPAs) in favor of Union Bank, transferring its rights, title, and interests in condominium units located in Mandaluyong City. Globe Asiatique later requested the reformation of the DAs and SPAs, claiming that they do not reflect the real agreement between the parties. It filed a complaint for reformation of the DAs and SPAs, praying for the inclusion of their true intent and agreement. Union Bank admitted the existence of the MOA and the execution of the DAs and SPAs but denied any mutual mistake or intention to only sell the receivables. Globe Asiatique filed a motion for summary judgment, but it was denied by the trial court which found that a trial is necessary to resolve the conflicting allegations. The Court of Appeals affirmed the denial, ruling that a genuine issue exists in the case. Globe Asiatique filed a petition for certiorari, questioning the appellate court's ruling.
ISSUES:
- Whether the appellate court erred in ruling that the trial court did not commit grave abuse of discretion in denying the motion for summary judgment.