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Grijaldo obtained five loans from a bank that were evidenced by promissory notes. To secure the loans, Grijaldo mortgaged the standing crops on his land. During a war, the crops were destroyed by enemy action. The court held that Grijaldo was still liable to pay back the loans because his obligation was to pay a generic sum of money, not to deliver the specific crops. Under the civil code, the loss or destruction of anything generic does not extinguish the obligation to pay. The crops were simply collateral

Author

Jan Mar Gigi Gallego

Language

EN