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Rafael S. Beltran Vs. Paic Finance, etal

RAFAEL S. BELTRAN and MA. VIOLETA BELTRAN, petitioner, vs. PAIC FINANCE CORPORATION, SERVICE EQUIPMENT SPECIALISTS CO., INC., RODRIGO REYES and IRAIDA REYES, respondents.

G.R. No. 83113 | 1992-05-19

D E C I S I O N


FELICIANO, J.:

The consolidated Petitions here before the Court compel us to consider the nature and at least some of the legal effects of a "financing lease" or "financial lease." Such an instrument must seem an exotic creation in the eyes of many civil law jurists for a financial lease does not fit neatly into the tight and orderly categories of the Civil Code. But financial leases are quite commonplace in today's commercial and financial world and the law must take account of developments and practice in that world.

On 15 July 1980, the Beltran spouses purchased from Service Equipment Specialists Co. ("SESCO") one...