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Metropolitan Bank and Trust Company, etc. Vs. BA Finance Corporation and Malayan Insurance Co, Inc.

METROPOLITAN BANK AND TRUST COMPANY (formerly ASIANBANK CORPORATION), Petitioner, versus BA FINANCE CORPORATION and MALAYAN INSURANCE CO., INC., Respondents

G.R. No. 179952 | 2009-12-04

D E C I S I O N


CARPIO MORALES, J.

Lamberto Bitanga (Bitanga) obtained from respondent BA Finance Corporation (BA Finance) a P329,280[1] loan to secure which, he mortgaged his car to respondent BA Finance.[2] The mortgage contained the following stipulation

The MORTGAGOR covenants and agrees that he/it will cause the property(ies) hereinabove mortgaged to be insured against loss or damage by accident, theft and fire for a period of one year from date hereof with an insurance company or companies acceptable to the MORTGAGEE in an amount not less than the outstanding balance of mortgage obligations and that he/it will make all loss, if...