Supreme Court: Deogracias Tañedo, Jr. For Plaintiff-Appellee. Renato A. Santos For Defendants-Appellants
Supreme Court: Deogracias Tañedo, Jr. For Plaintiff-Appellee. Renato A. Santos For Defendants-Appellants
Supreme Court: Deogracias Tañedo, Jr. For Plaintiff-Appellee. Renato A. Santos For Defendants-Appellants
FACTS:
Pineda and his mother executed real estate and chattel mortgages in favor
of Navarro, to secure a loan they got from the latter. The REM covered a
parcel of land owned by the mother while the chattel mortgage covered a
residential house. Due to the failure to pay the loan, they asked
for extensions to pay for the loan. On the second extension, Pineda
executed a PROMISE wherein in case of default in payment, he wouldnt ask
for any additional extension and there would be no need for any formal
demand. In spite of this, they still failed to pay.
Navarro then filed for the foreclosure of the mortgages. The court decided
in his favor.
ISSUE:
W/N the deed of real estate mortgage and chattel mortgage appended to
the complaint is valid notwithstanding the fact that the house was made
subject of chattel mortgage for the reason that it is erected on a land that
belongs to a third person.
HELD: