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GSIS V. CA 170 SCRA 533 FACTS: Two Two deeds of mortgages were issued b s!ouses s!ouses Ra"#o i$ fa%or of GSIS as se"urit for two &oa$s obtai$ed b t#em. T#e a&so e'e"uted a !romissor $ote. (ue to t#e t# e fai&ure to "om!& wit# t#e terms of t#e mortgage) t#e mortgages were e'tra*udi"ia&& fore"&osed. fore"&osed. T#e fore"&osure fore"&osure was bei$g bei$g assai&ed b t#e s!ouses as t#e a&&eged t#at t#e mortgage "o$tra"ts were sig$ed $ot as guara$tees or sureties but mere& ga%e t#eir "ommo$ !ro!ert !ro!ert for t#e so&e be$e+t of t#e ot#er s!ouses. ,ot# sides of t#e "ase used t#e !ro%isio$s o$ a""ommodatio$ !arties i$ t#e -egotiab&e I$strume$ts aw. aw. T#e tria& "ourt dismissed t#e a"tio$ but t#is was re%ersed b t#e a!!e&&ate "ourt.
/(: ,ot# !arties re& o$ t#e -egotiab&e I$strume$ts aw but t#is is mis!&a"ed. T#e !romissor $ote a$d t#e deeds of mortgage are $ot $egotiab&e i$strume$ts as t#e &a" t#e fourt# re2uisite w#i"# is it must be !aab&e to order or bearer. bearer.
GSI SvsCour tofAppeal sandMr .&Mr s.Racho,GRNo. L 40824Febr uar y23,1989 Po s t e db yP yPi usMor adosonJ a nu ar y1 2 ,2 01 2
. ent r y met a . ent r y header ( Negot i abl eI ns t r ument s–pa y abl et oor derort obear er )
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f av orofGSI Si nc onnec t i onwi t h2l oansgr ant edbyt hel at t eri nt hes umsofp11, 500. 00 andp3, 000. 00,r es pec t i v el y .Apar c el ofl an dc oo wnedbyt hemor t gagors pous eswas go v er nass ec ur i t yundert heaf or es ai dde edsande x ec ut edapr omi s s or yno t epr omi s i ng t opayt hes ai damount st oGSI Sj oi nt l y ,s ev er al l yands ol i dar i l y . Th eLa ga s c as p ou s ese x ec u t e da ni n st r ume nto bl i g at i ngt h ems e l v e si nt h ea s s ump t i o n oft heaf or es ai dobl i gat i onandt os ec ur et her el eas eoft hemor t gage. Fai l i ngt oc ompl ywi t ht hec ondi t i onsoft hemor t gage,GSI Sex t r aj udi c i al l yf or ec l os edt he mor t gageandc aus edt hepr op er t yt ob es ol datpubl i cauc t i o n. Mo r et h an2y ea r saf t e r ,Sp ou s esRa c hofi l e dac o mp l a i n ta ga i n s tGSI Sa ndSp ou s es Lagas capr ay i ng t hatt heex t r aj udi c i al f or ec l os ur ebedec l ar ednul l andvoi d.Theyal l ege t hatt he ys i gnedt hemor t gagec ont r ac t snotass ur et i esf ort heLagas c as pous esbut me r e l ya sa c c o mmo da t i o np ar t y I s s u e :WONt h ep r o mi s s o r yn o t ea ndmo r t g ag ede ed sa r en eg ot i a bl e . He l d :No .Se c t i o n2 9o ft heNI Lp r o v i de st h ata na c c ommo da t i o np ar t yi son ewh oh as
s i gnedani ns t r umentasmak er ,dr awer ,ac c ept orofi ndor s erwi t houtr ec ei v i ngval ue t her ef or e,buti shel dl i abl eont hei ns t r umentt oahol derf orv al ueal t hought hel at t er k n ewh i mt obeon l ya nac c o mmo da t i o np ar t y . Bot hpar t i esappear st obemi s di r ec t edandt hei rr el i anc emi s pl ac ed.Thepr omi s s or y not e,aswel l ast hemor t gagedeedssubj ec toft hi scas e,ar ec l ear l ynotnegot i abl e i ns t r umentbec aus ei tdi dnotc ompl ywi t ht hef our t hr equi s i t et obec ons i der edass uc h underSec .1oft heNI L–t heyar enei t herpa y abl et oor dernort obear er .Thenot ei s pa y abl et oas pec i fi edpar t y , t heGSI S.