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[No. L-11990.

29 May 1959] asserting a prior and superior right in them

JOSÉ MOVIDO, plaintiff and because of his chattel mortgage recorded before
appellant, vs. REHABILITATION FINANCE that of the Rehabilitation Finance Corporation
CORPORATION and by virtue of a judgment in his favor
rendered by the Court of First Instance of
OF MORTGAGE LIEN BY OBTAINING A However Despite such claim the Sheriff
PERSONAL JUDGMENT.—A mortgagee who proceeded to carry out the sale. As a result
sues and obtains a personal judgment against a Movido filed an action against the RFC for
mortgagor upon his credit waives thereby his right unlawfully, fraudulently and maliciously
to enforce the mortgage securing it.
disregarded his third party claim on the chattels
IN THE CASE AT BAR By instituting a civil and sold them at public auction.
action in the Court of First Instance to recover the
amount of the loan from the mortgagor, and by The Rehabilitation Finance Corporation
securing a judgment in his favor upon the CLAIMED THAT THE REM/CHAT MORT.
compromise agreement entered into by and and that by filing an action against VBC it, has
between him and the mortgagor, the mortgagee waived his right to foreclose the mortgage and
abandoned his mortgage lien on the chattels in also prayed for its deismissal.

FACTS: The CFI rendered judgment dismissing the

complaint on the ground that it had been
In 1946 the Vet Bros. & Company, Inc. novated by the previous compromise agreement
mortgaged to Petitioner its rights, title, interest and when the spouses Simeón G. Toribio and
and participation "in a complete sawmill in Maximiana Escobar de Toribio mortgaged to
Samar, with all its machineries, tools and the Rehabilitation Finance Corporation the
equipment in good running condition" to secure same chattels the plaintiff s lien on the chattels
the payment of a loan. The mortgage was no longer existed; and dismissing the
registered with the RD. plaintiff's complaint. Hence this petition:

Since VBC was not able to comply with its ISSUE: WON PETITIONER HAS LOST
obligation, petitioner filed an action against RIGHT TO FORECLOSE THE
them in the CFI of Leyte to Recover Sum of MORTGAGE?
Money. The3 parties however entered into a
compromise agreement. RULING: YES
Thereafter in 1949 the Vet Bros. & Company,
Inc. mortgaged the same to the Rehabilitation
Finance Corporation to secure the payment of
a loan of P46,000. REM was registered in the
RD of Rizal.

RFC foreclose the mortgage.

José S. Movido filed a third party claim on

the chattels advertised for sale at public auction