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Levy Hermanos, Inc., vs. Gervacio

LEVY HERMANOS, INC., plaintiff-appellant, vs. LAZARO BLAS GERVACIO, defendant-appellee.

G.R. No. 46306 | 1939-10-27

D E C I S I O N


MORAN, J:

On February 24, 1938, plaintiff filed a complaint in the Court of First Instance of Manila, which substantially recites the following facts:

On March 15, 1937, plaintiff Levy Hermanos, Inc., sold to defendant Lazaro Blas Gervacio, a Packard car. Defendant, after making the initial payment, executed a promissory note for the balance of P2,400, payable on or before June 15, 1937, with interest at 12 per cent per annum, and to secure the payment of the note, he mortgaged the car to the plaintiff. Defendant failed to pay the note at its maturity; wherefore, plaintiff foreclosed the mortgage and the car was sold at...