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Dave owed Cella P20,000.00. The debt is secured by a pledge of Dave's car. On due date, Cella phoned Dave informing the latter that he

Dave owed Cella P20,000.00. The debt is secured by a pledge of Dave's car. On due date, Cella phoned Dave informing the latter that he was condoning Dave's debt. Dave accepted Cella's condonation of the debt in the same telephone conversation. Is the obligation of Dave extinguished? Why?

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