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Manila Banking Corp. v Anastacio Teodoro, Jr. and Grace Teodoro involved three promissory notes (PNs) executed by the defendants with the plaintiff bank between April and June 1966 totaling P19,420, with interest rates of 12% per annum. The defendants failed to fully pay off the PNs, leaving outstanding balances of P15,137.11 and P8,934 as of September 1969. In 1964, Teodoro Jr had also executed a Deed of Assignment of Receivables in favor of the plaintiff bank totaling P44,635 to serve as security for loan

Author

KGTorres

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EN