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El Hogar Filipino vs. PNB

EL HOGAR FILIPINO, Mutual Building and Loan Association, petitioner-appellant, vs. THE PHILIPPINE NATIONAL BANK, oppositor-appellee.

G.R. Nos. 43459 and 43460 | 1937-08-11

D E C I S I O N


AVANCEá'A, C. J:

On November 5, 1919, Serafin Novella, Mercedes Novella, Cecilia Magalona and Robustiano Magalona constituted a first mortgage on lots Nos. 194, 158 and 14 of the cadastre of Victorias, Occidental Negros, and on lots Nos. 700, 817 and 706 of the cadastre of Saravia, Occidental Negros, to secure the payment of the sum of P28,000, with interest thereon at 9 per cent annum, representing their indebtedness to El Hogar Filipino, Mutual Building and Loan Association. This mortgage was duly registered and noted in the corresponding certificates of title. The deed of mortgage contains the following clause:

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