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    Agrifina Aquintey VS Spouses Felecidad and Rico Tibong

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    amareia yap
    Agrifina loaned money to spouses Felicidad and Rico Tibong with monthly interest rates of 6-7%. The spouses failed to pay back their outstanding loans of P773,000. However, the spouses executed deeds of assignment in favor of Agrifina for P546,459 and promissory notes for their debtors to pay Agrifina directly. Agrifina was able to collect P301,000 but sought the balance from the spouses. The Court of Appeals found that the deeds of assignment partially extinguished the spouses' obligation by substituting the debtors. The Court affirmed this decision, finding the deeds of assignment released the spouses from that portion of debt and the principal amount owed

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    Agrifina Aquintey VS Spouses Felecidad and Rico Tibong

    Uploaded by

    amareia yap
    661 views1 page
    Agrifina loaned money to spouses Felicidad and Rico Tibong with monthly interest rates of 6-7%. The spouses failed to pay back their outstanding loans of P773,000. However, the spouses executed deeds of assignment in favor of Agrifina for P546,459 and promissory notes for their debtors to pay Agrifina directly. Agrifina was able to collect P301,000 but sought the balance from the spouses. The Court of Appeals found that the deeds of assignment partially extinguished the spouses' obligation by substituting the debtors. The Court affirmed this decision, finding the deeds of assignment released the spouses from that portion of debt and the principal amount owed

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    AGRIFINA AQUINTEY VS SPOUSES FELECIDAD AND RICO TIBONG

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    Agrifina loaned money to spouses Felicidad and Rico Tibong with monthly interest rates of 6-7%. The spouses failed to pay back their outstanding loans of P773,000. However, the spouses executed deeds of assignment in favor of Agrifina for P546,459 and promissory notes for their debtors to pay Agrifina directly. Agrifina was able to collect P301,000 but sought the balance from the spouses. The Court of Appeals found that the deeds of assignment partially extinguished the spouses' obligation by substituting the debtors. The Court affirmed this decision, finding the deeds of assignment released the spouses from that portion of debt and the principal amount owed

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    661 views1 page

    Agrifina Aquintey VS Spouses Felecidad and Rico Tibong

    Uploaded by

    amareia yap
    Agrifina loaned money to spouses Felicidad and Rico Tibong with monthly interest rates of 6-7%. The spouses failed to pay back their outstanding loans of P773,000. However, the spouses executed deeds of assignment in favor of Agrifina for P546,459 and promissory notes for their debtors to pay Agrifina directly. Agrifina was able to collect P301,000 but sought the balance from the spouses. The Court of Appeals found that the deeds of assignment partially extinguished the spouses' obligation by substituting the debtors. The Court affirmed this decision, finding the deeds of assignment released the spouses from that portion of debt and the principal amount owed

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    © All Rights Reserved
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    AGRIFINA AQUINTEY VS SPOUSES

    FELECIDAD AND RICO TIBONG


    G.R. NO. 166704,DECEMBER 20, 2006

    FACTS: On May 6, 1999, petitioner Aquintey filed


    before RTC Baguio, a complaint for sum of money
    and damages against respondents. Agrifina alleged
    that Felicidad secured loans from her on several
    occasions at monthly interest rates of 6% to 7%.
    Despite demands, spouses Tibong failed to pay
    their outstanding loans of P773,000,00 exclusive of
    interests. However, spouses Tiong alleged that
    they had executed deeds of assignment in favor of
    Agrifina amounting to P546,459 and that their
    debtors had executed promissory notes in favor of
    Agrifina. Spouses insisted that by virtue of these
    documents, Agrifina became the new collector of
    their debts. Agrifina was able to collect the total
    amount of P301,000 from Felicdad’s debtors. She
    tried to collect the balance of Felicidad and when
    the latter reneged on her promise, Agrifina filed a
    complaint in the office of the barangay for the
    collection of P773,000.00. There was no
    settlement. RTC favored Agrifina. Court of Appeals
    affirmed the decision with modification ordering
    defendant to pay the balance of total indebtedness
    in the amount of P51,341,00 plus 6% per month.

    ISSUE: Whether or not the deeds of assignment in


    favor of petitioner has the effect of payment of the
    original obligation that would partially extinguish the
    same
    RULING: YES. Substitution of the person of the
    debtor may be affected by delegacion. Meaning,
    the debtor offers, the creditor accepts a third
    person who consent of the substitution and
    assumes the obligation. It is necessary that the old
    debtor be released fro the obligation and the third
    person or new debtor takes his place in the
    relation . Without such release, there is no
    novation. Court of Appeals correctly found that
    the respondent’s obligation to pay the balance
    of their account with petitioner was
    extinguished pro tanto by the deeds of credit.
    CA decision is affirmed with the modification that
    the principal amount of the respondents is P33,841.
    In its modern concept, what actually takes place in
    dacion en pago is an objective novation of the
    obligation where the thing offered as an accepted
    equivalent of the performance of an obligation is
    considered as the object of the contract of sale,
    while the debt is considered as the purchase price.

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