Timeline (G.R. No. 84294)
Credit Accommodation Granted
On June 15, 1986, Yanky Hardware Company, Inc. applied for and was granted a credit accommodation by BA Finance Corporation in the form of a discounting line.Chattel Mortgage Executed
To secure the payment of loans, Yanky executed a chattel mortgage over its stock-in-trade in favor of BA Finance.Continuing Suretyship Agreement
Antonio Ngui Yek Siem, President of Yanky, executed a continuing suretyship agreement to guarantee the loans obtained by Yanky.Loan Demand by BA Finance
By October 20, 1981, BA Finance demanded payment of accumulated obligations from Yanky, amounting to P559,565.00.Complaint Filed
On October 21, 1981, BA Finance filed a complaint for replevin with damages against Yanky and Antonio Ngui Yek Siem.Court Order for Seizure
On October 26, 1981, the Court of First Instance ordered the seizure of the merchandise inventories described in the chattel mortgage.Seizure of Chattels
Sheriff Rolando Balingit seized the chattels from Yanky's premises and transferred them to BA Finance's warehouse.Re-inventory Report
On November 5, 1981, Sheriff Balingit filed a report stating a re-inventory of the replevied chattels, superseding an earlier list.Yanky's Defense
Yanky and Antonio Ngui Yek Siem claimed that not all obligations were due, thus BA Finance had no cause of action against them.Intervention by Creditors
Other banks, including RCBC and China Bank, intervened in the replevin case as creditor...continue reading