Back

PCI Leasing & Finance Inc vs. Sps. George M. Dai etc

PCI LEASING & FINANCE, INC., Petitioner, versus SPOUSES GEORGE M. DAI and DIVINA DAI, Respondents.

G.R. No. 148980 | 2007-09-21

D E C I S I O N
 

CARPIO MORALES, J.:

Respondents, spouses George and Divina Dai, obtained a loan on June 16, 1994 from petitioner, PCI Leasing and Finance, Inc., evidenced by a promissory note[1] for the sum of P3,352,892 payable in monthly installments of P152,265 starting on July 16, 1994. The proceeds of the loan partly financed the purchase by respondents of a vessel-fishing boat which was named "F/B Sea Doll." To secure the payment of the loan, respondents executed a chattel mortgage[2] over the vessel in favor of petitioner.

Both the promissory note and the chattel mortgage provided that, in case of failure to pay the...