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PAMECA WOOD TREATMENT PLANT v. CA

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GR No. 176381
2010-12-15
PCI LEASING v. TROJAN METAL INDUSTRIES INCORPORATED
CARPIO, J.
Section 14 of the Chattel Mortgage Law expressly entitles the debtor-mortgagor to the balance of the proceeds, upon satisfaction of the principal loan and costs. Prevailing jurisprudence[33]  also holds that the Chattel Mortgage Law bars the creditor-mortgagee from retaining the excess of the sale proceeds.