Ibanez De Aldecoa Y Palet v. Hongkong & Shanghai Banking Corp.

Citations

• 246 U.S. 627
• 38 S. Ct. 413
• 62 L. Ed. 907
• 1918 U.S. LEXIS 1583

Syllabus

<p>Mortgagors, in an action to foreclose, unsuccessfully pleaded in abateiment their pending action to annul the mortgage, which had been submitted. Held, that the ruling, even if erroneous, became harm-dess in view of a judgment in the earlier action by which the va- . lidity of the mortgage was correctly sustained.</p> <p>The court accepts the lower courts’ interpretation of the Philippine law (Civil Code, Art. 1851) to the effect that mere failure of a, creditor to sue when the obligation in whole or in part matures does not extend its term, and that to extinguish a surety’s liability an exten-v sión must be based on some new agreement by. which the creditor ' deprives himself of the right immediately , to enforce his claim.</p> <p>The judgment of the trial court is modified to correct a elerióal error, appearing by the trial court’s opinion and by concession of appellée’s counsel.</p>