ACME SHOE, RUBBER & PLASTIC CORPORATION and CHUA PAC vs. HON. COURT OF APPEALS,
ACME SHOE, RUBBER & PLASTIC CORPORATION and CHUA PAC vs. HON. COURT OF APPEALS, BANK OF THE PHILIPPINES and REGIONAL SHERIFF OF CALOOCAN CITY G.R. No. 103576 August 22, 1996 Facts: 1. Petitioner Chua Pac, the president and general manager of Acme Shoe executed for and in behalf of the company, a chattel mortgage in favor respondent Bank. 2. The mortgage stood by way of security for petitioner's corporate loan of P3,000,000.00. In due time, the loan was paid by petitioner corporation. 3. Subsequently, it obtained from respondent additional financial accommodations totaling P2,700,000.00. These borrowings were on due date also fully paid. 4. The bank yet again extended to petitioner corporation a loan of P1,000,000.00 covered by four promissory notes for P250,000.00 each. 5. Due to financial constraints, the loan wa...