Back

INDUSTRIAL FINANCE CORPORATION vs. CASTOR TOBIAS

INDUSTRIAL FINANCE CORPORATION, petitioner, vs. CASTOR TOBIAS, respondent.

G.R. No. L-41555 | 1977-07-27

MARTIN, J:

This is a petition for review of the decision of the Court of Appeals * in CA-G.R. No. 53916, entitled "Industrial Finance Corporation vs. Castor Tobias", affirming that of the Court of First Instance of Manila with a slight modification.

On June 16, 1968, respondent Castor Tobias bought on installment one (1) Dodge truck from Leelin Motors, Inc. To answer for his obligation he executed a promissory note in favor of the latter, for the sum of P29.070.28 payable in thirty-six (36) equal installments with interest at the rate of 12% per annum payable in the amounts and dates indicated in said promissory note. 1 To secure payment...