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All Jurisprudence based

0 tracked cards Civil Law and Land Titles and Deeds

Facts: A principal debtor D owes PHP 3,000,000 to Bank Alpha. Guarantor Y guarantees the obligation. After default, D pays PHP 1,000,000 to Bank Alpha, which Bank Alpha accepts as partial payment. Bank Alpha later forgives the remaining PHP 2,000,000. Which statement best describes Y's extinguishment status and remaining liability under Philippine law?

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Y remains liable for PHP 3,000,000 regardless of D's payment, and the later forgiveness does not discharge Y. After D's PHP 1,000,000 partial payment, Y's liability is reduced to PHP 2,000,000; if Bank Alpha later forgives the remaining PHP 2,000,000, Y is discharged from any further liability. Partial payment reduces the debt only if the payment is accepted by the creditor for the debt; since Bank Alpha accepted, the reduction applies. The partial payment extinguishes the entire debt and Y's liability becomes zero.

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