Professional Documents
Culture Documents
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* SECOND DIVISION.
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246 SUPREME COURT REPORTS ANNOTATED
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CHICONAZARIO, J.:
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1 Rollo, p. 50.
2 Annex “A,” CA Rollo, p. 23.
3 Annex “I,” Rollo, p. 50.
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4 CA Rollo, p. 39.
5 CA Rollo, pp. 4041.
6 CA Rollo, p. 41.
7 CA Rollo, p. 15.
8 Annex “H,” CA Rollo, pp. 4347.
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VOL. 477, DECEMBER 9, 2005 249
Magna Financial Services Group, Inc. vs. Colarina
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250
250 SUPREME COURT REPORTS ANNOTATED
Magna Financial Services Group, Inc. vs. Colarina
11
A Motion for Reconsideration dated 11 February 2003
filed by Magna Financial Services Group, Inc., was denied
by the12
Court of Appeals in a resolution dated 22 May
2003. Hence, this Petition for Review on Certiorari based
on the sole issue:
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18 Luneta Motor Co. v. Dimagiba, 113 Phil. 864; 3 SCRA 884 (1961).
19 Macondray and Co., Inc. v. Benito, et al., 62 Phil. 137, 142 (1935).
20 Act No. 1508—An Act providing for the Mortgaging of personal
property and for the registration of the mortgages so executed.
Section 3. A chattel mortgage is a conditional sale of personal property
as security for the payment of a debt, or the performance of some other
obligation specified therein, the condition being that the sale shall be void
upon the seller’s paying to the purchaser a sum of money or doing some
other act named. If the condition is performed according to its terms the
mortgage and sale immediately become void, and the mortgagee is thereby
divested of his title.
21 Bachrach Motor Co. v. Summers, 42 Phil. 3 (1921).
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