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S sold to B a car for P1M. The condition for the sale is for B to execute a chattel mortgage on the thing sold.
S sold to B a car for P1M. The condition for the sale is for B to execute a chattel
mortgage on the thing sold. The term of the sale is for B to pay a down payment of
P200,00 and the balance to be paid on July 15, 2020. However, the balance was not
paid by the buyer so S foreclosed the chattel mortgage on the thing sold. It was sold
for P700,000. Can S recover the deficiency? Give reason/s?
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Financial Accounting Tools for Business Decision Making
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
7th edition
978-1118344262, 111834426X, 1118162285, 978-1118562208, 1118562208, 978-1118162286
