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Bank Of The Phil. Vs. V. Concepcion E Hijos

THE BANK OF THE PHILIPPINE ISLANDS, plaintiff-appellant, vs. V. CONCEPCION E HIJOS, INC., and VENANCIO CONCEPCION, defendants-appellants. HENRY W. ELSER, defendant-appellee.

G.R. No. 27701 | 1928-07-21

D E C I S I O N


OSTRAND, J.:

It appears from the record that on July 6, 1921, the defendants Concepcion executed a promissory note in favor of the plaintiff for the sum of P342,372.64, payable on demand, and as security for payment, deposited 700 shares of the Philippine National Bank as collateral with the plaintiff and gave it a mortgage on 5,680 square meters of land, with improvements, situated on R. Hidalgo Street in Manila. The defendants Concepcion defaulted in the payment of the note, and on February 3, 1922, the plaintiff bank instituted the present foreclosure proceedings.
Shortly afterwards, Henry W. Elser entered into...