4/15/2021 PAMECA Wood Treatment Plant, Inc. vs.

Court of Appeals

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B.3 PAMECA Wood Treatment Plant, Inc. vs. Court of Appeals | 31

'ACT( PAMECA loaned P2M from DBP and executed a promissory

equipment. PAMECA defaulted tus DBP extra!udicially foreclosed on
able to buy said property for P#22$. %ubsequently for te deficiency
solidary debtors, accordin& to te promissory note it si&ned.

I)E( 'eter an action can be instituted for deficiency of a debt aft

!)*I+( (es. Cattel Mort&a&e )a" expressly entitles te mor

satisfaction of te principal obli&ation and costs. %ince te Cattel M
retainin& te excess of te sale proceeds, tere is a corollary obli&ation
deficiency in case of a reduction in te price at public auction.
 

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