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Bicol Savings & Loan Association vs. Jaime Guinhawa, et al.

BICOL SAVINGS & LOAN ASSOCIATION, petitioner, vs. JAIME GUINHAWA and THE HON. PRESIDING JUDGE OF THE COURT OF FIRST INSTANCE OF CAMARINES SUR (10th JUDICIAL DISTRICT), BRANCH III, respondents.

G.R. No. 62415 | 1990-08-20

D E C I S I O N

PARAS, J.:

Sometime on June 19, 1980, Victorio Depositario together with private respondent Jaime Guinhawa, acting as solidary co-maker, took a loan from petitioner Bicol Savings and Loan Association (BISLA, for brevity) in the sum of P10,622.00, payable at P535.45 every 19th day of each month beginning July 1980 until maturity on June 19, 1982. 

To secure the payment of the foregoing loan obligation, the principal borrower Victorio Depositario put up as security a chattel mortgage which was a Yamaha Motorcycle. Said motorcycle was eventually foreclosed by reason of the failure of Depositario and private respondent...