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de Tavera vs. El Hogar Filipino

CARLOS PARDO DE TAVERA and CARMEN PARDO DE TAVERA MANZANO, plaintiffs-appellants, vs. EL HOGAR FILIPINO, INC., defendant-appellee. TAVERA-LUNA, INC., defendant-appellant; VICENTE MADRIGAL, defendant-appellee

G.R. No. 45963 | 1939-10-12

D E C I S I O N


MORAN, J:

On January 17, 1931, defendant corporation, Tavera-Luna, Inc., obtained a loan of P1,000,000 from El Hogar Filipino, Inc., for the purpose of constructing the Crystal Arcade building on its premises at Escolta, Manila. To secure this loan, the corporation executed a first mortgage on said premises and on the building proposed to be erected thereon. On February 11, 1932, Tavera-Luna, Inc., secured from El Hogar Filipino an additional loan of P300,000 with the same security executed for the original loan. The A, Tavera-Luna, Inc., thereafter, defaulted in the payment of the monthly amortizations on the loan;...