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THIRD DIVISION.
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follows:
WHEREFORE, judgment is rendered against defendant Jacob S.
Lim requiring him to pay plaintiff the amount of P311,056.02,
with interest at the rate of 12% per annum compounded monthly
plus 15% of the amount awarded to plaintiff as attorneys fees
from July 2, 1966, until full payment is made plus P70,000.00
moral and exemplary damages.
It is found in the records that the cross party plaintiffs
incurred additional miscellaneous expenses aside from
P151,000.00, making a total of P184,878.74. Defendant Jacob S.
Lim is further required to pay cross party plaintiff, Bormaheco,
the Cervanteses onehalf and Maglana the other half, the amount
of P184,878.74 with interest from the filing of the cross
complaints until the amount is fully paid plus moral and
exemplary damages in the amount of P184,878.84 with interest
from the filing of the crosscomplaints until the amount is fully
paid plus moral and exemplary damages in the amount of
P50,000.00 for each of the two Cervanteses.
Furthermore, he is required to pay P20,000.00 to Bormaheco
and the Cervanteses, and another P20,000.00 to Constancio B.
Maglana as attorneys fees.
xxx xxx xxx
WHEREFORE, in view of all above, the complaint of plaintiff
Pioneer against defendants Bormeheco, the Cervanteses and
Constancio B. Maglana, is dismissed. Instead, plaintiff is required
to indemnify the defendants Bormaheco and the Cervanteses the
amount of P20,000.00 as attorneys fees and the amount of
P4,379.21, per year from 1966 with legal rate of interest up to the
time it is paid.
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power and which is the reason for its being, then nobody would
engage in the insurance business. No further claim or counter
claim for or against anybody is declared by this Court. (Rollo
G.R. No. 24197, pp. 1516)
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would be mortgaged to it, but this was not possible because the
planes were still in Japan and could not be mortgaged here in the
Philippines. As soon as the aircrafts were brought to the
Philippines, they would be mortgaged to Pioneer Insurance to
cover the bond, and this indemnity agreement would be cancelled.
The following is averred under oath by Pioneer in the original
complaint:
The various conflicting claims over the mortgaged properties have
impaired and rendered insufficient the security under the chattel
mortgage and there is thus no other sufficient security for the claim
sought to be enforced by this action.
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the 26th day x x x of each succeeding three months and the last of which
shall be due and payable 26th May 1967.
681
Manresa, 4th ed., Vol. 12, pp. 316317, Vol. VI, pp. 562563,
M.F. Stevenson & Co., Ltd., v. Climacom et al. (C.A.) 36 O.G.
1571.
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