Professional Documents
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SAURA IMPORT and EXPERT CO
SAURA IMPORT and EXPERT CO
FACTS: · There was undoubtedly offer and acceptance in the case. The
application of Saura, Inc. for a loan of P500,000.00 was approved by
resolution of the defendant, and the corresponding mortgage was
In July 1952, Saura, Inc., applied to Rehabilitation Finance Corp., executed and registered. The defendant failed to fulfill its obligation and
now DBP, for an industrial loan of P500,000 to be used for the the plaintiff is therefore entitled to recover damages.
construction of a factory building, to pay the balance of the jute · When an application for a loan of money was approved by resolution of
mill machinery and equipment and as additional working capital. the respondent corporation and the responding mortgage was
In Resolution No.145, the loan application was approved to be executed and registered, there arises a perfected consensual contract.
secured first by mortgage on the factory buildings, the land site,
and machinery and equipment to be installed. · However, it should be noted that RFC imposed two conditions
(availability of raw materials and increased production) when it restored
The mortgage was registered and documents for the promissory the loan to the original amount of P500,000.00.
note were executed. But then, later on, was cancelled to make
way for the registration of a mortgage contract over the same · Saura, Inc. obviously was in no position to comply with RFC’s
property in favor of Prudential Bank and Trust Co., the latter conditions. So instead of doing so and insisting that the loan be released
having issued Saura letter of credit for the release of the jute as agreed upon, Saura, Inc. asked that the mortgage be cancelled.The
machinery. As security, Saura execute a trust receipt in favor of action thus taken by both parties was in the nature of mutual
the Prudential. For failure of Saura to pay said obligation, desistance which is a mode of extinguishing obligations. It is a concept
Prudential sued Saura. that derives from the principle that since mutual agreement can create
a contract, mutual disagreement by the parties can cause its
After almost 9 years, Saura Inc, commenced an action against extinguishment.
RFC, alleging failure on the latter to comply with its obligations to
release the loan applied for and approved, thereby preventing ·WHEREFORE, the judgment appealed from is reversed and the
the plaintiff from completing or paying contractual commitments complaint dismissed.
it had entered into, in connection with its jute mill project.
The trial court ruled in favor of Saura, ruling that there was a
perfected contract between the parties and that the RFC was
guilty of breach thereof.
ISSUE: Whether or not there was a perfected contract between the
parties. YES. There was indeed a perfected consensual contract.
HELD:
Bonnevie V. CA (1983) A contract of loan being a consensual contract is perfected at the
same time the contract of mortgage was executed. The
G.R. No. L-49101 October 24, 1983
promissory note executed on December 12, 1966 is only an
evidence of indebtedness and does not indicate lack of
Lessons Applicable: Simple Loan
consideration of the mortgage at the time of its execution.
Laws Applicable: Respondent Bank had every right to rely on the certificate of
title. It was not bound to go behind the same to look for flaws in
Facts: the mortgagor's title, the doctrine of innocent purchaser for
value being applicable to an innocent mortgagee for value.
December 6, 1966: Spouses Jose M. Lozano and Josefa P. Lozano
secured their loan of P75K from Philippine Bank of Commerce Thru certificate of sale in favor of appellee was registered on
(PBC) by mortgaging their property September 2, 1968 and the one year redemption period expired
on September 3, 1969. It was not until September 29, 1969 that
December 8, 1966: Executed Deed of Sale with Mortgage
Honesto Bonnevie first wrote respondent and offered to redeem
to Honesto Bonnevie where P75K is payable to PBC and P25K is
the property.
payable to Spouses Lanzano.
loan matured on December 26, 1967 so when respondent Bank
April 28, 1967 to July 12, 1968: Honesto Bonnevie paid a total
applied for foreclosure, the loan was already six months overdue.
of P18,944.22 to PBC
Payment of interest on July 12, 1968 does not make the earlier act
May 4, 1968: Honesto Bonnevie assigned all his rights under the of PBC inequitous nor does it ipso facto result in the renewal of
Deed of Sale with Assumption of Mortgage to his brother, the loan. In order that a renewal of a loan may be effected, not
intervenor Raoul Bonnevie only the payment of the accrued interest is necessary but also
the payment of interest for the proposed period of renewal as
June 10, 1968: PBC applied for the foreclosure of the mortgage, well. Besides, whether or not a loan may be renewed does not
and notice of sale was published solely depend on the debtor but more so on the discretion of the
January 26, 1971: Honesto Bonnevie filed in the CFI of Rizal bank.
against Philippine Bank of Commerce for the annulment of the
Deed of Mortgage dated December 6, 1966 as well as the
extrajudicial foreclosure made on September 4, 1968.
CFI: Dismissed the complaint with costs against the Bonnevies
CA: Affirmed
ISSUE: W/N the forclosure on the mortgage is validly executed.
FACTS
Frank Roa obtained a loan from Ayala Investment and Development
Corporation (AIDC), for the construction of his house. Said house and lot
were mortgaged to AIDC to secure the loan. Roa sold the properties to
ALS and Litonjua, the latter paid in cash and assumed the balance of
Roa’s indebtedness wit AIDC. AIDC was not willing to extend the old
interest to private respondents and proposed a grant of new loan of
P500,000 with higher interest to be applied to Roa’s debt, secured by
the same property. Private respondents executed a mortgage deed
containing the stipulation. The loan contract was signed on 31 March
1981 and was perfected on 13 September 1982, when the full loan was
released to private respondents.
ISSUE
Whether or not a contract of loan is a consensual contract.