Back

Rizal Commercial Banking Corporation Vs. Royal Cargo Corporation

RIZAL COMMERCIAL BANKING CORPORATION, Petitioner, versus ROYAL CARGO CORPORATION, Respondent.

G.R. No. 179756 | 2009-10-02

D E C I S I O N


CARPIO MORALES, J.:

Terrymanila, Inc.[1] (Terrymanila) filed a petition for voluntary insolvency with the Regional Trial Court (RTC) of Bataan on February 13, 1991.[2] One of its creditors was Rizal Commercial Banking Corporation (petitioner) with which it had an obligation of P3 Million that was secured by a chattel mortgage executed on February 16, 1989. The chattel mortgage was duly recorded in the notarial register of Amado Castano, a notary public for and in the Province of Bataan.[3]

Royal Cargo Corporation (respondent), another creditor of Terrymanila, filed an action before the RTC of Manila for collection of...