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Filinvest Credit Corp. Vs. Bernardo Ll. Salas, et al.

FILINVEST CREDIT CORPORATION, petitioner, vs. HONORABLE BERNARDO LL. SALAS, NICARIO AVISADO and WARSITO CAPANGPANGAN, respondents.

G.R. No. L-63326 | 1984-07-31

D E C I S I O N


PLANA, J.:

In January, 1981, Nicario Avisado bought a Colt Lancer from Wheels Distributors, Inc. payable on monthly installments. The obligation was evidenced by a promissory note secured by a chattel mortgage on the car. The promissory note carries a stipulation on acceleration of maturity for the entire obligation in the event of default in the payment of any installment. Later, the obligation together with the supporting security was transferred by Wheels Distributors, Inc. to Filinvest Credit Corporation (Filinvest) with the consent of Avisado.

For failure of Avisado to pay the installments due on May 1 through...