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C & C COMMERCIAL CORPORATION & CLARA REYES PASTOR & OTHER STOCKHOLDERS OF C & C COMMERCIAL CORPORATION SIMILARLY SITUATED v. PHILIPPINE NATIONAL BANK

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GR No. 150197
2005-07-28
PRUDENTIAL BANK v. DON A. ALVIAR
TINGA, J.
Petitioner maintains that the "blanket mortgage clause" or the  "dragnet clause" in the real estate mortgage expressly covers not only the P250,000.00 under PN BD#75/C-252, but also the two other promissory notes included in the application for extrajudicial foreclosure of real estate mortgage.[20] Thus, it claims that it acted within the terms of the mortgage contract when it filed its petition for extrajudicial foreclosure of real estate mortgage. Petitioner  relies on the cases of Lim Julian v. Lutero,[21] Tad-Y v. Philippine National Bank,[22] Quimson v. Philippine National Bank,[23] C & C Commercial v. Philippine National Bank,[24] Mojica v. Court of Appeals,[25] and China Banking Corporation v. Court of Appeals,[26] all of which upheld the validity of mortgage contracts securing future advancements.