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La Tonde?a, Inc. Vs. Alto Surety & Insurance Co. Inc., Et Al 101 Phil 879

LA TONDE?A, INC., plaintiff-appellant, vs. ALTO SURETY & INSURANCE CO., INC., ET AL., defendants-appellees.

G.R. No. L-10132 | 1957-07-18

D E C I S I O N


REYES, J.B.L., J.:

This appeal involves a question of priority between creditors that the Court of First Instance of Manila resolved in favor of the appellee Alto Surety and Insurance Co., Inc.

It appears that on April 21, 1949, one Primitivo P. Ferrer executed in favor of La Tondeña, Inc., a second chattel mortgage upon certain properties described in the complaint, to guarantee payment of certain amounts. Some of these properties were already subject to a first mortgage in favor of one Pedro Ruiz. All mortgages were duly registered.

On August 18, 1949, Pedro Ruiz sought foreclosure of the first mortgage in his...