Atty. Larry Gadon has barely passed the Bar Examination. This however did not deter him to venture into the private practice of law. To attract clients in his law office, he decided to purchase several law books so that he will have something to display in his library. He then purchased in an installment basis from Phoenix Publishing Company several law books including a complete set of Supreme Court Reports Annotated. As a result, Phoenix Publishing Company expressly reserve the ownership of the said books despite its actual delivery to Atty. Gadon. A day after the books were delivered, the building housing his office and library was gutted by fire, burning the books that were earlier delivered. On the due date, Phoenix Publishing Company demanded from Atty. Gadon the payment of his balance, however he refused to pay it since he then contended that he was not yet the owner of the books at the time it was delivered as the Publishing Company made reservation of ownership despite its delivery. Rule on the contention of Atty. Larry Gadon.

Note: This problem is based from the Philippines. If you can explain well your answer, then I will surely rate you helpful.