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The Supreme Court of the Philippines ruled on whether a promissory note executed in 1961 to acknowledge a debt from a 1940 note that was barred by prescription was valid. The Court affirmed that the right to prescription can be waived or renounced. It found that by signing the 1961 note promising to pay the previous debt, the respondent effectively renounced the prescription and it constituted a new valid contract, with the pre-existing debt serving as consideration. Therefore, the Court reversed the lower

Author
Dan_Pelagio_5466
Language
EN