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Ligutan V CA (Full Text)
Ligutan V CA (Full Text)
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THIRD DIVISION.
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Rollo, p. 114.
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Rollo, p. 39.
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x x x x x x x x x
WHEREFORE, the decision sought to be reconsidered is
hereby MODIFIED. The defendantsappellants Tolomeo Ligutan
and Leonidas dela Llana are hereby ordered to pay the plaintiff
appellee Security Bank and Trust Company the following:
1. The sum of P114,416.00 with interest thereon at the rate
of 15.189% per annum and 3% per month penalty charge
commencing May 20, 1982 until fully paid
2. The sum equivalent to 10% of the total
amount of the
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indebtedness as and for attorneys fees.
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Rollo, p. 67.
Rollo, p. 52.
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substitute the indemnity for damages and the payment of interests in case
of noncompliance, if there is no stipulation to the contrary. Nevertheless,
damages shall be paid if the obligor refuses to pay the penalty or is guilty
of fraud in the fulfillment of the obligation.
The penalty may be enforced only when it is demandable in accordance
with the provisions of this Code. (1152a)
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119.
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Article 1228, Civil Code Manila Racing Club vs. Manila Jockey
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Insular Bank of Asia and America vs. Spouses Salazar (159 SCRA
111), for instance, the Court reduced the penalty charge of 2% a month to
1% a month, considering that, on a loan of P42,050.00, the debtor spouses
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faith, the obligor may recover as though there had been a strict and
complete fulfillment, less damages suffered by the obligee.
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Garcia vs. Court of Appeals, 167 SCRA 815 (1988) See Palmares vs.
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Court of Appeals, 288 SCRA 423 (1998) Ibarra vs. Aveyro, 37 Phil. 278.
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Insular Bank of Asia and America vs. Spouses Salazar, 159 SCRA
133 (1988) GSIS vs. Court of Appeals, 145 SCRA 311 (1986) Equitable
Banking Corporation vs. Liwanag, 32 SCRA 293 (1970).
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570
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Rollo, p. 53.
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571
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Velasquez vs. Court of Appeals, 309 SCRA 539 (1999) Ong vs. Court
See Article 1292, Civil Code Pacific Mills, Inc. vs. Court of Appeals,
206 SCRA 317 (1992) Quinto vs. People, 305 SCRA 708 (1999) Cruz vs.
Court of Appeals, 293 SCRA 239 (1998).
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