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Dahican Lumber
June 30, 1967| Dizon, J. | Real Estate Mortgage
Digester: Valena, Maria Patricia
SUMMARY: Dahican lumber company (DAMCO) obtained several
loans amounting to 250,000 pesos from Peoples bank (BANK) and,
together with DALCO, another loan amounting to $250,000 from
Export-Import bank secured by five promissory notes through
peoples bank. In both loans, DAMCO executed and registered
respective mortgages with inclusion of after acquired properties.
DAMCO and DALCO failed to satisfy the fifth promissory note in
favor of Export bank so Peoples Bank paid it and subsequently
filed an action for the foreclosure of the mortgaged properties of
DAMCO including the after acquired machinery, equipment and
spare parts upon the latter's failure to fulfill its obligation
DOCTRINE: Stipulations that after acquired properties are to be
immediately subject to lien are not unjust nor immoral; they are
commonplace and actually logical when the collateral is perishable
subject to wear and tear or is intended for sale.
FACTS:
On September 8, 1948, Atlantic Gulf & Pacific Company of
Manila sold and assigned all its rights in the Dahican Lumber
concession to Dahican Lumber Company for the total sum of
$500,000.00of which only the amount of $50,000.00 was
paid.
Thereafter, to develop the concession, DALCO obtained various
loans from the People's Bank & Trust Company amounting, as
of July 13, 1950, to P200,000.
o In addition, DALCO obtained, through the bank, a loan
of $250,000 from the Export-Import Bank of Washington
D.C., evidenced by five promissory notes of $50,000
each executed by both DALCO and the Dahican America
Lumber Corporation, all payable to the bank or its
order.
As security for loan, DALCO executed in favor of the bank
(acting for itself and as trustee for the Export-Import Bank) a
deed of mortgage covering five parcels of land situated in
Camarines Norte together with all the buildings and other
improvements and all the personal properties of the mortgagor
located in its place of business in the municipalities of
Mambulao and Capalonga, Camarines Norte.