This case has been cited 1 times or more.
|
2015-02-18 |
REYES, J. |
||||
| The CA ruled that the petitioners failed to prove that they have already paid Yulim's consolidated loan obligations totaling P4,246,310.00, for which it issued to iBank PN No. SADDK001014188 for the said amount. It held that the existence of a debt having been established, the burden to prove with legal certainty that it has been extinguished by payment devolves upon the debtors who have offered such defense. The CA found the records bereft of any evidence to show that Yulim had fully settled its obligation to iBank, further stating that the so-called assignment by Yulim of its condominium unit to iBank was nothing but a mere temporary arrangement to provide security for its loan pending the subsequent execution of a real estate mortgage. Specifically, the CA found nothing in the Deed of Assignment which could signify that iBank had accepted the said property as full payment of the petitioners' loan. The CA cited Manila Banking Corporation v. Teodoro, Jr.[22] which held that an assignment to guarantee an obligation is in effect a mortgage and not an absolute conveyance of title which confers ownership on the assignee. | |||||