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Bank Of The Phil. Islands Vs. Olutanga Lumber Company 047 Phil 20

THE BANK OF THE PHILIPPINE ISLANDS, plaintiff-appellant, vs. OLUTANGA LUMBER COMPANY, defendant-appellee.

G.R. No. 22656 | 1924-12-16

D E C I S I O N


JOHNSON, J .:

This appeal presents a question of law only. It is: May a creditor who has taken a chattel mortgage to secure the payment of a debt, maintain an action for a deficiency resulting from a foreclosure of the chattel mortgage?

The facts in the present case are admitted. They are:

(a) That on the 19th day of March, 1918, and on the 1st day of June, 1918, respectively, the plaintiff loaned to the defendant the sum of P85,000, the payment of which sum was secured by two chattel mortgages executed on said dates, respectively;

(b) That both of said mortgages were foreclosed and the property mentioned in each was...