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Diosdado Yuliongsiu vs. Philippine National Bank

DIOSDADO YULIONGSIU, plaintiff-appellant, vs. PHILIPPINE NATIONAL BANK (CEBU BRANCH), defendant-appellee.

G.R. No. L-19227 | 1968-02-17

D E C I S I O N 


BENGZON, J. P., J.: 

Plaintiff-appellant Diosdado Yuliongsiu 1 was the owner of two (2) vessels, namely: The M/S Surigao, valued at P109,925.78 and the M/S Don Dino, valued at P63,000.00, and operated the FS-203, valued at P210,672.24, which was purchased by him from the Philippine Shipping Commission, by installment or on account. As of January or February, 1948, plaintiff had paid to the Philippine Shipping Commission only the sum of P76,500 and the balance of the purchase price was payable at P50,000 a year, due on or before the end of the current year. 2 

On June 30, 1947, plaintiff obtained a loan of...