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Machinery Bought After Real Chattel Mortgage
« on: November 14, 2019, 07:54:29 PM »
Tsai v. CA (120098; 10/2/2001)
□ : After the real and chattel mortgage was constituted, Evertex bought new machineries. They failed to pay so PBCom foreclosed on the mortgage, including the new machineries. They contended that since the machineries were bolted, cemented and heavy, they are considered real property. The mortgage did not contain any provision that after-acquired properties are included
□ : new machineries should not be included in the foreclosure since they are considered as movable and not covered by Chattel Mortgage
   Petitioners contend that the nature of the disputed machineries, i.e., that they were heavy, bolted, or cemented on the real property mortgaged by Evertex to PBCom, make them ipso facto immovable under Art 415(3) and 5 of NCC. This assertion, however, does not settle the issue. Mere nuts and bolts do not foreclose the controversy. We have to look at the parties’ intent.

While it is true that the controverted properties appear to be immobile, a perusal of the contract of Real and Chattel Mortgage executed by the parties herein gives us a contrary indication. Evertex and PBCom intended to treat the machinery and equipment as chattels.
   Assuming arguendo that the properties in question are immovable by nature, nothing detracts the parties from treating it as chattels to secure an obligation under the principle of estoppel.


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