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Heirs Of Inocentes De La Rama Vs. Talisay-Silay Milling Co., Et Al. 054 Phil 580

INTESTATE ESTATE AND HEIRS OF INOCENTES DE LA RAMA, deceased, plaintiffs-appellants, vs. TALISAY-SILAY MILLING CO. and PHILIPPINE NATIONAL BANK, defendants-appellees.

G.R. No. 31832 | 1930-03-14

D E C I S I O N


ROMUALDEZ, J.:

In the month of May, 1922, the sugar central known as the Talisay-Silay Milling Co., owed the National Bank some five and a half million pesos, secured by a mortgage of the property of its planter- shareholders.
For the purpose of avoiding the impending foreclosure of that mortgage, the central, the creditor the Philippine National Bank, and the aforementioned planter-shareholders entered into the following readjustment contract at that time, that is, in May, 1922:
"This agreement made and entered into this ......... day of May, 1922, by and between the persons signing this document as the planters; the...