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Associated Insurance & Surety Company vs. Isabel Iya 103 Phil 972

ASSOCIATED INSURANCE & SURETY COMPANY, INC., plaintiff, vs. ISABEL IYA, ADRIANO VALINO and LUCIA VALINO, defendants.

G.R. No. L-10837 | 1958-05-30

D E C I S I O N

FELIX, J.:

Adriano Valino and Lucia A. Valino, husband and wife, were the owners and possessors of a house of strong materials constructed on Lot No. 3, Block No. 80 of the Grace Park Subdivision in Caloocan, Rizal, which they purchased on installment basis from the Philippine Realty Corporation. On November 6, 1951, to enable her to purchase on credit rice from the NARIC, Lucia A. Valino filed a bond in the sum of P11,000.00 (AISCO Bond No. 971) subscribed by the Associated Insurance & Surety Co., Inc., and as counter-guaranty therefor, the spouses Valino executed an alleged chattel mortgage on the aforementioned house...