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Quirico Del Mar vs. Rehabilitation Finance Corporation

QUIRICO DEL MAR, petitioner-appellant, vs. REHABILITATION FINANCE CORPORATION, now the DEVELOPMENT BANK OF THE PHILIPPINES, respondent-appellee.

G.R. No. L-22254 | 1967-08-08

D E C I S I O N 


BENGZON, J.P., J.: 

The Rehabilitation Finance Corporation (RFC) now the Development Bank of the Philippines, granted a loan to petitioner Quirico del Mar. As of March 26, 1957, the amount due on the principal balance of said loan plus interest was P4,423.04. Del Mar, on such date, offered to pay the same with a backpay acknowledgment certificate pursuant to Republic Act 897. The RFC refused to accept said certificate as payment. Del Mar filed suit to compel it to accept the same (Civil Case No. R-5324, CFI of Cebu), and RFC was therein ordered to accept Del Mar's backpay certificate in payment for his debt to RFC....