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Spouses Romulo De La Cruz, Et Al. Vs. Asian Consumer And Industrial Finance Corp., Et Al.

SPOUSES ROMULO DE LA CRUZ and DELIA DE LA CRUZ, and DANIEL FAJARDO, petitioners, vs. ASIAN CONSUMER AND INDUSTRIAL FINANCE CORPORATION and the HONORABLE COURT OF APPEALS, respondents.

G.R. No. 94828 | 1992-09-18

D E C I S I O N


BELLOSILLO, J.:

The pivotal point before Us is whether a chattel mortgagee, after opting to foreclose the mortgage but failing afterwards to sell the property at public auction, may still sue to recover the unpaid balance of the purchase price.

On 22 September 1982, the spouses Romulo de la Cruz and Delia de la Cruz, and one Daniel Fajardo, petitioners herein, purchased on installment basis one (1) unit Hino truck from Benter Motor Sales Corporation (BENTER for brevity). To secure payment, they executed in favor of BENTER a chattel mortgage over the vehicle 1 and a promissory note for P282,360.00 payable in thirty (30)...