Revocation
PHILIPPINE NATIONAL BANK vs. THE HONORABLE INTERMEDIATE APPELLATE COURT (First Civil Cases Division) an ROMEO ALCEDO !.R. No. ""#$% &e'teer $*+ $,,!RIO/A0UINO+ J.: FACTS: ACTS: On March March 20 20,, 19 1968, 68, Letic Leticia ia de la Vina VinaSe! Se!e e e"ec# e"ec#ted ted a real real e$tate e$tate %ort&a&e in 'avor o' ()* over a lot re&i$tered in her na%e to $ec#re the !a+%ent o' a $#&ar cro! loan o' (,-00. Later, Leticia Se!e, actin& a$ attorne+in'act 'or her /rotherinla, !rivate re$!ondent Ro%eo Alcedo, e"ec#ted an a%ended real e$tate %ort&a&e to incl#de hi$ Alcedo$3 Lot a$ additional collateral 'or Se!e$ increa$ed loan o' (16,400.Leticia Se!e and !rivate re$!ondent Alcedo ver/all+ a&reed to $!lit 5't+5't+ 40403 the !roceed$ o' the loan /#t 'ailin& to receive hi$ onehal' $hare 'ro% her, Alcedo rote a letter on Ma+ 12, 190 to the ()*, San Carlo$ *ranch, revo7in& the S!ecial (oer o' Attorne+ hich he had &iven to Leticia Se!e to %ort&a&e hi$ Lot. ()* *ranch Mana&er, o$e T. elle&ani advi$ed Alcedo that hi$ land had alread+ /een incl#ded a$ collateral 'or Se!e$ 1901 $#&ar cro! loan, hich the latter had alread+ availed. Se!e a$ $till a/le to o/tain an additional loan 'ro% ()* ith the total a%o#nt (46,68.69 on the $ec#rit+ o' Alcedo$ !ro!ert+ a$ collateral. Therea'ter, Alcedo received 2 letter$ 'ro% ()* that Se!e 'ailed to !a+ her loan and that 6 da+$ $hall /e &iven to $ettle their o/li&ation otheri$e 'orclo$#re $hall co%%ence. Alcedo re#e$ted Se!e to !a+ her acco#nt$ to 'ore$tall 'oreclo$#re !roceedin&$ a&ain$t hi$ !ro!ert+, /#t to no avail. Alcedo 5led 5led a co% co%!lai !laint nt a&ai a&ain$ n$tt Se!e Se!e and and ()* hil hile the the latte atterr 5led 5led a ca$e ca$e 'or 'or e"tra;#d e"tra;#dicial icial 'oreclo$#r 'oreclo$#re. e. Alcedo Alcedo 5led and a%ended a%ended co%!laint co%!laint ithdrai ithdrain& n& hi$ action to collect hi$ onehal' $hare o#t o' the !roceed$ o' the $#&ar cro! loan$ o/ta o/tain ined ed /+ Se!e Se!e.. ()* ()* alle alle&e &ed d that that it had no 7no 7nole led& d&e e o' the the a&r a&ree%e ee%ent nt /eteen Mr$. Se!e and Alcedo to $!lit the cro! loan !roceed$ /eteen the%. ed in accordance ith la. in& Leticia Se!e to %ort&a&e hi$ !ro!ert+ a$ $ec#rit+ 'or her $#&ar cro! loan$. B@L: )O. ()* had !ro%i$ed to e"cl#de Alcedo$ !ro!ert+ a$ collateral 'or Se!e$ 1912 $#&ar cro! loan, it $ho#ld have relea$ed the !ro!ert+ to Alcedo. The %ort&a&e hich Se!e &ave to the /an7 on Alcedo$ lot a$ collateral 'or her 191 2 $#&ar cro! loan a$ n#ll and void 'or havin& /een alread+ di$a#thori>ed /+ Alcedo. Since Alcedo$ !ro!ert+ $ec#red onl+ P13,100.00 o' Se!e$ 1901 $#&ar cro! loan o' (16,400., Alcedo$ !ro!ert+ %a+ /e held to an$er 'or onl+ the
#n!aid /alance, i' an+, o' Se!e$ 1901 loan, /#t not the 1912 cro! loan. The ()* acted ith /ad 'aith in !roceedin& a&ain$t Alcedo$ !ro!ert+ to $ati$'+ Se!e$ #n!aid 1912 $#&ar cro! loan. The e"tra;#dicial 'oreclo$#re /ein& n#ll and void ab initio, the certi5cate o' $ale hich the SheriD delivered to ()* a$ the hi&he$t /idder at the $ale i$ al$o n#ll and void.
