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Manila Banking Corp v. Teodoro Case Summary by Joseph Dimalanta is a document available to read on EtoBox.

What is Manila Banking Corp v. Teodoro Case Summary about?

1) The defendants executed promissory notes in favor of the plaintiff bank and failed to pay the amounts due. 2) The trial court ruled in favor of the bank, ordering the defendants to pay the amounts owed plus interest. 3) The defendants appealed, arguing the deed of assignment of receivables they provided as collateral was an absolute conveyance making payment of the obligation extinguished. However, the language of the deed indicated it was intended as security for payment of the principal obligation.

Author

Joseph Dimalanta

Language

EN