Filinvest v. Phil. Acetylene Digest, G.R. No. L-50449
Special Form of Payment - Dacion Filinvest v. Phil. Acetylene G.R. No. L-50449 January 30, 1982 Facts: Phil. Acetylene (Defendant) purchased a vehicle through a Deed of Sale from Alexander Lim payable on installment. The balance is to be paid under a promissory note with the said vehicle as the subject of a chattel mortgage to secure the obligation. Subsequently, Lim assigned his rights to the vehicle to appellee corporation (Filinvest). Phil. Acetylene defaulted after it failed to pay nine (9) successive installments. The petitioner through a demand letter informed the defendant to make the full payment plus interests and charges or return the mortgaged property. As a result, the defendant returned the vehicle together with the document "Voluntary Surrender with Special Power of Attorney To Sell" by appellant on March 12, 1973 and confirmed to by Filinvest’s vice-president. Filinvest then informed appellant thru a letter that it cannot sell the vehicle due...