This case has been cited 1 times or more.
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2001-10-12 |
PARDO, J. |
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| When PNB foreclosed the assets of MMIC on August 31, 1984, the goods and merchandise sold by Remington to PNB were in the actual possession and control of MMIC and were included in the foreclosure sale. Remington, however, had relinquished ownership of the merchandise sold to MMIC and the fact the goods were delivered to MMIC transferred ownership over the same to the latter. Thus, MMIC's possession of the goods and merchandise was in the concept of owner and when the PNB foreclosed the mortgages on MMIC's property, real and personal, MMIC was the owner of the goods and merchandise sold to it on credit. The failure of MMIC to pay the purchase price of the goods does not ipso facto revert ownership of the goods to the seller unless the sale was first invalidated. PNB's act of including in its foreclosure the unpaid goods and merchandise sold to MMIC and which PNB acquired at the auction sale did not make PNB an obligor to pay for such unpaid goods. Consequently, Remington has no cause of action against PNB for recovery of the value of the goods and merchandise. PNB caused Remington no injury. The obligation to pay remains with MMIC. If there was any damage to Remington resulting from including the unpaid goods and merchandise in the foreclosure, it was damnum absque injuria.[8] | |||||