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What is Cruz vs. Filipinas Finance Case Summary about?

Plaintiff Ruperto Cruz purchased a bus on installments but defaulted on payments after paying only P500. The defendant, to whom the promissory note was assigned, foreclosed the chattel mortgage on the bus but the proceeds did not cover the remaining obligation. Plaintiff Mrs. Reyes had also executed a second mortgage on her land as additional security. The issue is whether the defendant can extrajudicially foreclose on the real estate mortgage after already foreclosing the chattel mortgage on the bus. The S

Author

Jem

Language

EN