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All Jurisprudence based

0 tracked cards Civil Law and Land Titles and Deeds

Facts: K owes PHP 2,500,000 to Bank Alpha. Guarantor S guarantees the obligation. After default, K pays PHP 900,000 to Bank Alpha, which Bank Alpha accepts as a partial payment. (a) State and apply the extinguishment doctrine to these facts, indicating S’s status after the partial payment. (b) What is S’s remaining liability, if any, on the guaranteed obligation? (c) If Bank Alpha later forgives the remaining PHP 1,600,000, is S discharged from any further liability?

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S remains liable for the full PHP 2,500,000 debt, and the payment by K can be sought from S for the portion paid. S's liability is extinguished completely after K's partial payment. S's liability is reduced only to the extent of any later interest accrual; the principal reduces nothing. S's liability is reduced pro tanto to PHP 1,600,000; if Bank Alpha forgives the remaining PHP 1,600,000, S is discharged from further liability.

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