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El Banco Espanol Filipino Vs. Donaldson Sim & Co., Et Al.

EL BANCO ESPANOL FILIPINO, plaintiff-appellee, vs. DONALDSON SIM & CO., ET AL., defendants-appellants.

G.R. No. 2422 | 1905-12-14

D E C I S I O N


ARELLANO, C.J.:

The Banco Español Filipino, having made a loan of 110,000 pesos to the firm of Donaldson Sim & Co. for six months' time, from the 9th of May, 1901, the date of the public instrument executed for this purpose, and bearing interest at the rate of 8 per cent per annum, payable at the expiration of each quarter, filed an action against said firm for failure to pay the obligation when it became due. (Clauses 3, 4, and 5 of the contract, pp. 5 and 6 of the bill of exceptions.)

"On the 25th of March, 1904, judgment in default was pronounced against the said firm of Donaldson Sim & Co., the same being...