AB sold to CD a motor vehicle for and in consideration of P120,000.00, to be paid in twelve monthly equal installments of P10,000.00, each installment being due and payable on the 15th day of each month starting January 1997.
To secure the promissory note, CD (a) executed a chattel mortgage on the subject motor vehicle, and (b) furnished a surety bond issued by Philamlife. CD failed to pay more than two (2) installments.
AB went after the surety but he was only able to obtain three-fourths (3/4) of the total amount still due and owing from CD. AB seeks your advice on how he might if at all, recover the deficiency.
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