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Spouses Palada applied for a 3 million peso (M) loan from Solidbank but only received 1M. They secured the 1M loan with real estate mortgages. When Spouses Palada failed to repay the loan, Solidbank foreclosed on the properties. Spouses Palada argued the loan contract was void because they only received 1M not the full 3M amount. The court held the loan contract was valid, as under the Civil Code, a loan is perfected upon delivery of the agreed funds, which was 1M in this case since Spouses Palada could not

Author

franzadon

Language

EN