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Case Digest - Credit Transaction2.doc

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Manuel L. Quezon University CASE DIGEST CREDIT TRANSACTIONS PROFESSOR: PROS. DELA CRUZ Submitted by: Ma. Ethel Christine S. Din March 30, 2017 C a s e D i g e s t – C r e d i t Tr a n s a c t i o n s 2 0 1 7 ( P r o f . Dela Cruz) Ma. Ethel Christine S. Din Lim vs. Lutero (G.R. No. L-25235, December 9, 1926) Facts: Lim’s mortgage was executed on the 15 th day of April 1920, and presented to the register of deeds on the 20th day of April 1920, and actually registered on t
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  Manuel L. Quezon University  CASE DIGEST CREDIT TRANSACTIONSPROFESSOR: PROS. DELA CRUZ  Submitted by: Ma. Ethel Christine S. Din March 30, 2017   Case Digest – Credit Transactions 2017!ro . Dela Cru#$ Ma. Ethel Christine S. Din Lim vs. Lutero (G.R. No. L-22! De#em$er % &%2' %acts:  Lim’s mortgage was execte! o the 1# th  !a$ o% A&ri' 1(20, a ! &rese te! to theregister o% !ee!s o the 20 th  !a$ o% A&ri' 1(20, a ! acta''$ registere! o the 1) th  !a$ o%  * e 1(20, whi'e the mortgage i %a+or o% the os&ita' was ot execte!  ti' the 17 th  !a$ o%  * e 1(20- The %ormer was execte! to secre %tre a!+a ceme ts to .e ma!e .$ Lim *'ia to the mortgagors to co+er ex&e ses i crre! .$ the mortgagors i the c'ti+atio a !har+esti g to the agric'tra' cro&s %or the $ear 1(20/1(21- The case at .ar a''ege! thatthere was sti'' !e a !  &ai! o sai! mortgage o% which was !e ie! .$ the s&oses Lteroa ! Maga'o a- There was a &etitio %or i ter+e tio 'e! .$ the os&ita' !e Sa a.'o !eI'oi'o which was gra te! &o its a''egatio that it ha! &rior mortgage &o the &ro&ert$ i estio o% which was e+er registere! i the registr$ o% &ro&ert$- I this co ectio , *!geSa'as co c'!e! that 415 the com&'ai t agai st Ltero a ! Maga'o a sho'! .e !ismisse!with costs agai st the &'ai ti6 425 the 8a%ae' Ltero, the te a t sho'! .e a.so'+e! %rom a''the 'ia.i'it$ 435 the 8D o% the ro+i ce o% I'oi'o sho'! ca ce' the mortgage i %a+or o% Lim495 the mortgage i %a+or o% the a%oresai! hos&ita' .e registere! a ! 4#5 the mortgage i %a+or the hos&ita' sho'! ta:e &re%ere ce o+er the mortgage execte! i %a+or o% Lim-e ce, this &etitio - &ssues: ;hether or ot the mortgage execte! i %a+or o% the &'ai ti6 sho'! &re%ere ce o+erthe mortgage i %a+or o% the hos&ita'- 'eld: I the rst &'ace, it ma$ .e ote! that the a''ege! mortgage c'aime! .$ sai! hos&ita'was ot mortgage at a'' a ! co'! ot, .$ a $ &ossi.i'it$, there%ore .e gi+e &riorit$o+er a %ormer mortgage 'ega''$ execte! a ! recor!e!- The co te tio o% thehos&ita' wo'!, o% corse, there%ore .e gi+e .t a 'itt'e co si!eratio exce&t %or the%act that it c'aims that it was gi+e &riorit$ o+er the mortgage he'! .$ the a&&e''a t.$ +irte o% a ora' agreeme t or  !ersta !i g-   Case Digest – Credit Transactions 2017!ro . Dela Cru#$ Ma. Ethel Christine S. Din e ce, the mortgage execte! .$ Ltero a ! Maga'o a to Lim co stittes a 'ie &o the &ro&ert$ mortgage! a ! is &rior 'ie o+er the a''ege! mortgage i %a+or o% theos&ita' !e Sa a.'o !e I'oi'o- C)i*+ ,+*i* Cor/. vs. CA %acts: < Agst 21, 1(79, Ca'a&atia, a stoc:ho'!er o% ri+ate =a''e$ Go'% > Co tr$ C'.,I c- 4=GCCI5 &'e!ge! his stoc: Certicate ?o- 121( to Chi a @a :i g Cor&- 4C@C5 a ! C@Creeste! the a%oreme tio e! &'e!ge agreeme t .e recor!e! to =GCCI’s .oo:s a ! the'atter re&'ie! that the same was !'$ ote! i its cor&orate .oo:s- Ca'a&atia o.tai e! a 'oa o%  20,000 %rom C@C secre! .$ the !ee! o% &'e!ge!- e!e%a'te! a ! C@C 'e! a &etitio %or extra/!icia' %orec'osre .e%ore a ?otar$ .'ic De=era reesti g the 'atter to co !ct a &.'ic actio sa'e o% the &'e!ge! stoc:- C@Ci %orme! =GCCI o% the a.o+eme tio e! %orec'osre &rocee!i gs a ! reeste! the &'e!ge!stoc: .e tra s%erre! to C@C a ! the same .e recor!e! i =GCCI’s cor&orate .oo:s- ?o ethe'ess, =GCCI i %orme! C@C that the$ ca ot !o their reest %or the reaso that Ca'a&atia has  sett'e! acco ts with the c'.- Des&ite o% this, De =era he'! a &.'icactio a ! C@C emerge! as the highest .i!!er at 20,000-00 a ! therea%ter isse! acerticate o% sa'e- =GCCI, !e to %ai're o% Ca'a&atia’s mo th'$ !es !e'i e cies, a'so he'! a actio o% the stoc: certicates, o e o% which is Stoc: Certicate ?o- 121(- C@C reeste! to ca ce'the sai! stoc: certicate a ! ma:e a ew o e  !er its ame .t to o a+ai' !e to =GCCIhas .ee so'! the same at a &.'ic actio - Co see t'$, C@C 'e! agai st =GCCI .e%orethe 8TC Ma:ati %or the ''icatio .t was 'ater !ismisse! !e to the &remise that it 'ac:e! ris!ictio o+er the s.ect matter o the theor$ that it i +o'+es a i tra/cor&orate !is&te-SEC eari g <Bcer re !ere! a !ecisio i %a+or o% =GCCI .t 'ater, C@C a&&ea'e! to the SECe @a c or!er the re+ersa' o% the !ecisio o% the eari g <Bcer ho'!i g that C@C has a &riorright o+er the &'e!ge!- =GCCI the a&&ea'e! .e%ore the CA a ! or!er the re+ersa' o% SEC e @a c’s Decisio - &ssue:     Case Digest – Credit Transactions 2017!ro . Dela Cru#$ Ma. Ethel Christine S. Din ;hether or ot C@C .o ! .$ the =GCCI’s .$/'aws- 'eld: I or!er to .e .o !, the 3 r!  &art$ mst ha+e acire! : ow'e!ge o% the &erti e t .$/'aws at the time the tra sactio or agreeme t sai! 3 r!  &art$ a ! shareho'!er was e tere!i to- I this case, at the time the &'e!ge agreeme t was execte!- =GCCI co'! ha+e easi'$i %orme! C@C o% its .$/'aws whe it se t otice %orma''$ recog ii g C@C as &'e!gee o% o eo% Ca'a&atia’s Stoc: Certicates- The &r&ose o% the .$/'aws is to reg'ate the co !ct a !!e e the !ties o% mem.ers towar!s the cor&oratio a ! amo g themse'+es- The$ are se'%/im&ose! a !, a'thogh a!o&te! &rsa t to stattor$ athorit$, ha+e o stats as &.'ic'aw- e ce, it is the ge era''$ acce&te! r'e that 3 r!  &erso s are ot .o ! .$ .$/'awsexce&t whe the$ ha+e : ow'e!ge o% the &ro+isio s either acta''$ or co strcti+e'$- rther, Sec- )3 o% the Cor&oratio Co!e &ro+i!es that o shares o% stoc: agai stwhich the cor&oratio ho'!s a $  &ai! c'aim sha'' .e tra s%erra.'e i the .oo:s thecor&oratio ca ot .e ti'ie! .$ the =GCCI- The term  &ai! c'aims re%er to a $  &ai!c'aim arisi g %rom  &ai! s.scri&tio a ! ot i !e.te! ess which a s.scri.er orstoc:ho'!er ma$ owe the cor&oratio arisi g %rom other tra sactio - e ce, the assai'e!!ecisio o% the CA is re+erse! a ! the or!er o% SEC e .a c is aBrme!-
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