PETITIONER: Magdalena State
RESPONDENT: Antonio & Herminia Rodriguez
Antonio & Herminia bought 2,191 SQM lot in Quezon City from Magdalena State. In view of the unpaid balance of 5,000 on account of purchase price, they executed promissory note for 5,000 which promised to pay with out any demand and with interest of 9 % that payment be made within 60 days from Jan 1957.
On the same day, Antonio & Herminia executed also a bond on favor of Magdalena State which embodied bonding company Luzon Surety Company to pay the 5,000 balance to Magdalena, but the bonding company be notified in writing within 10 days from the moment there was default otherwise the undertaking become null and viod.
June 1957 the obligation becomes due and demandable the surety company paid Madalena State the 5,000, shortly thereafter, Magdalena demanded payment of 6.55.89 for accumulated interest on principal which was refused…
View original post 225 more words