Philippine National Bank v. Viña

VILLAMOR, J.:

It is alleged in the complaint: (a) That on July 15, 1919, the defendant Diego de la Viña, through his attorney-in-fact Jose Maria de la Viña, obtained and received from the plaintiff an agricultural loan of P160,000, Philippine currency, as evidenced by a promissory note executed by him for the purpose, which is follows: P160,000.00 MANILA, P. I., July 15, 1919. On or before the 15th day of July, 1919, for value received, I promise to pay to the Philippine National Bank at its office in Manila, Philippine Islands, the sum of one hundred sixty thousand pesos (P160,000) with interest thereon, payable semiannually, at the rate of eight (8%) per centum per annum, from the date until paid, and with interest at the same rate on all annual installments overdue and unpaid. Annual payments of principal and interest to be made as per attached amortization schedule.

(Sgd.) DIEGO DE LA VIÑA By Dr. JOSE MA. DE LA VIÑA His attorney-in-fact (b) That to secure the payment of the aforesaid loan of P160,000 with interest thereon, Diego de la Viña, through his attorney-in-fact Jose Maria de la Viña, executed a special and voluntary mortgage upon the property described in paragraph IV of the complaint. This mortgage was recorded in the registry of property of the Province of Oriental Negros, Philippine Islands, a copy of which is attached to the complaint and made a part thereof, marked Exhibit A. (c) That according to the deed of mortgage Exhibit A, the deceased Diego de la Viña is under the obligation to pay to plaintiff the aforesaid sum of P160,000, with interest thereon, in ten yearly installments, subsequent to the year in which the notes set out in paragraph V of the complaint for P24,017.60 were executed payable each on or before the 15th day of July of each year.

(d) That in violation of the terms of the deed of mortgage above-mentioned, the defendant has not paid to plaintiff any of the said ten installments, with the exception of the sum of P12,008.80 which said defendant paid on January 21, 1921, on account of the first installment corresponding to the year 1920. (e) That the amounts owing from Diego de la Viña to plaintiff secured by the aforesaid mortgage Exhibit A, and computed up to November 30, 1922, are as follows: Principal P160,000.00 Paid a/c January 21, 1921 10,961.60 Balance ...................