This case has been cited 1 times or more.
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2014-02-19 |
REYES, J. |
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| It must be stressed that the mortgage contract between PEPI and the petitioner is merely an accessory contract to the principal three-year loan takeout from the petitioner by PEPI for its expansion project. It need not be belaboured that "[a] mortgage is an accessory undertaking to secure the fulfillment of a principal obligation,"[28] and it does not affect the ownership of the property as it is nothing more than a lien thereon serving as security for a debt.[29] | |||||