G.R. No. 171132. August 15, 2012
FINANCIAL REHABILITATION AND INSOLVENCY ACT OF 2010
ARCAM & Company, Inc. obtained a loan by respondent Philippine National Bank (PNB).To secure the loan, ARCAM executed a eal Estate Mortgage and a Chattel Mortgage. However, ARCAM defaulted on its obligations to PNB. Thus, PNB initiated extrajudicial foreclosure proceedings of the Real Estate Mortgage and Chattel Mortgage.