Can I read Validity of Loan Default Surcharge on EtoBox?

Validity of Loan Default Surcharge by juhriz is a document available to read on EtoBox.

What is Validity of Loan Default Surcharge about?

Corazon Ruiz obtained multiple loans from Consuelo Torres totaling 750k pesos secured by a real estate mortgage and jewelry. Ruiz was unable to make interest payments due to business difficulties. Torres sought to foreclose on the real estate. The court ruled that a 1% surcharge on the principal loan amount for each month of default, as stipulated in the loan agreement, was a valid penalty under the Civil Code and distinct from interest. The surcharge functions as liquidated damages for breach of obligation

Author

juhriz

Language

EN